SEOUL - South Korea’s central bank cut its policy interest rate on Wednesday, as expected, and left the door open for further easing although a split vote on the move suggested the next reduction may not be imminent.
Government bond prices fell across the board as investors tempered their rate cut views, with yields rising by around 5 basis points. The rate cut follows a July easing and was in line with forecasts in a Reuters survey of 31 analysts. The new rate matches a record low set in late 2017. “I expected there would be one dissenter, and so the result indicates the Bank of Korea may wait until it sees a further worsening in the economic indicators,” said Park Sung-woo, fixed-income analyst at DB Financial Investment.
In its regular update on the global economic outlook released late on Tuesday, the International Monetary Fund slashed South Korea’s 2019 and 2020 economic growth forecasts by 0.6 of a percentage point each to 2.0% and 2.2%, respectively.
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