Bank of Korea cuts interest rate amid economic challenges
The central bank of South Korea, known as the Bank of Korea, has declared a cut in its primary interest rate, representing a notable step to tackle economic issues and encourage expansion. In conjunction with this change, the bank has also revised its economic growth projection for the year downward, due to a mix of international and local pressures that persist in affecting the nation's economic path. This choice highlights the enduring effort to find equilibrium between fostering growth and controlling inflationary threats.A tactical reduction in rates to bolster the economyAs expected by many, the Bank of Korea lowered its…
