SEOUL - The Bank of Korea slashed its benchmark interest rate to a record low of 0.75 per cent in an emergency move following actions by the Federal Reserve and other central banks to combat economic damage from the coronavirus outbreak.
Concerns of a global recession have been rattling financial markets as the outbreak turns into a global pandemic, forcing consumers to stay home and sharply curtailing business activity. The Federal Reserve cut interest rates by a further full-percentage point on Sunday, which opened up room for central banks like the BOK to ease by mitigating concerns of a sharp capital outflow.
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