SEOUL -- The Bank of Korea cut its key rate by a quarter percentage point to 3.25% on Friday, starting an easing cycle following the U.S. Federal Reserve's policy pivot a month ago.
The South Korean central bank's seven-member board lowered its benchmark rate by 25 basis points, ending more than a three-year tightening cycle. It is the first time that the BOK cut the rate since May 2020 when the economy was hit by the pandemic.
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