[Infostock Daily= Choi Jae-young, senior reporter] The Bank of Korea held a temporary monetary policy committee at 4:30 pm on the 16th and decided to lower the current benchmark interest rate by 0.50 percentage points to 0.75 percent. As a result, it entered the first 0% interest rate era in history for the first time in Korea.
The Bank of Korea held a temporary monetary committee to respond to the new Coronavirus infection (Corona 19).
The Bank of Korea held a temporary monetary policy committee for the first time in 12 years since the global financial crisis in 2008.
The Bank of Korea announced its monetary policy direction after the interim Monetary Policy Committee.
“The global economic slowdown has increased as Corona 19 (COVID-19) has spread worldwide since the decision on the direction of the monetary policy,” the Bank of Korea said. “The impact of this has increased volatility in domestic and overseas financial markets, including stock prices and exchange rates, and the price of international oil has fallen sharply.”
The Bank of Korea also said, “The Monetary Policy Committee decided that it was necessary to expand the monetary policy easing to ease volatility in the financial market and reduce the impact on growth and inflation.”
“The Monetary Policy Committee will continue to mitigate the downward risk of the macro economy and the volatility of the financial market by operating monetary policies mitigating the uncertainty of domestic and overseas financial and economic conditions,” the Bank of Korea said.
Senior Reporter Choi Jae-young caelum@infostock.co.kr
