South Korea’s central bank cuts its policy rate, as expected by Reuters

SEOUL (Reuters) – South Korea’s central bank cut interest rates on Friday as widely expected, embarking on an easing cycle to join peers globally as headline inflation eased and the economy contracted in the second quarter.

The Bank of Korea (BOK) cut its benchmark interest rate by a quarter of a percentage point to 3.25 percent at its monetary policy review, an outcome expected by 34 of 37 economists polled by Reuters.

Governor Rhee Chang-yong is holding a press conference around 0210 GMT, which will be broadcast live on YouTube.