SEOUL — South Korea's central bank on Friday cut its policy rate for the first time in more than four years as pressure to revive a sluggish economy outweighed concerns about the country's level of household debt.
The Bank of Korea lowered its key interest rate by a quarter percentage point to 3.25 percent following a meeting of its monetary policy committee, in its first move to lower borrowing costs since May 2020, when the economy was weathering the Covid-19 pandemic.