BoK seen cutting rates to record-low to battle coronavirus

26 February, 2020 12:00 AM printer

SEOUL: South Korea’s central bank is expected to lower its policy rate to a record-low on Thursday, the third cut in the current easing cycle, a Reuters poll showed, to offset the impact on Asia’s fourth-largest economy from the fast-spreading coronavirus.

The trade-reliant economy, which was among those worst-hit by trade tensions, is faced with an extra hurdle as the virus outbreak disrupted world supply chains and global demand, report agencies.

Sixteen of 26 analysts surveyed by Reuters predicted the Bank of Korea’s (BOK) seven-member board would cut the policy rate to 1.00 per cent at its February meeting in a pre-emptive move.