(MENAFN) South Korea's central bank announced cutting its benchmark interest rate by 25 basis points to reach an all-time low of 1.75 percent last week, Xinhua reported.
It was the first time that the country's policy rate fell below 2 percent. Bank of Korea (BOK) lowered the repurchase rate by 25 basis points each in August and October last year to a record low of 2 percent.
The two-percent interest rate was maintained when the 2008 global financial crisis hit the global economy, including the South Korean economy, the central bank said.
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