SOUTH KOREA-ECONOMY/RATES-MERS South Korea cuts rates to record low as government steps up fight against MERS

Record ID: 150940

  • Title: SOUTH KOREA-ECONOMY/RATES-MERS South Korea cuts rates to record low as government steps up fight against MERS
  • Date: 11th June 2015
  • Summary: SEOUL, SOUTH KOREA (JUNE 11, 2015) (REUTERS) ***WARNING CONTAINS FLASH PHOTOGRAPHY*** BANK OF KOREA GOVERNOR LEE JU-YEOL WALKING TOWARD PODIUM JOURNALISTS TYPING AND CAMERAMEN FILMING AT NEWS CONFERENCE LEE SPEAKING AT PODIUM (SOUNDBITE) (Korean) BANK OF KOREA GOVERNOR LEE JU-YEOL SAYING: "The Monetary Policy Committee of the Bank of Korea decided to lower the base rate by
  • Embargoed: 26th June 2015 13:00
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  • Topics: General
  • Reuters ID: LVA38A99FQIN2SU348LZAXJ2O0H9
  • Aspect Ratio: 16:9
  • Story Text: South Korea's central bank cut its policy rate by 25 basis points to a record-low 1.50 percent on Thursday (June 11), as policymakers sought to shield a tottering economy from an outbreak of a deadly respiratory disease.
    "The Monetary Policy Committee of the Bank of Korea decided to lower the base rate by 25 basis points today, taking into consideration the downside risks including sluggish exports and the impacts of the Middle East Respiratory Syndrome (MERS) outbreak," said the Bank of Korea Governor, Lee Ju-yeol at a news briefing.
    Nine people have died since the outbreak of the Middle East Respiratory Syndrome (MERS) was first reported in late May, fuelling public anxiety and hitting spending, with thousands in quarantine and hundreds of schools closed.
    Policymakers were already under pressure to adopt more stimulus measures as weak global demand and a strong won dented South Korean exports, while an uncertain outlook discouraged spending from consumers and companies.
    It was the fourth rate cut in less than a year and the seventh since the current easing cycle began three years ago as the trade-reliant economy, the fourth-largest in Asia, has struggled for traction over the past year.
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