S. Korea cuts interest rate to record low 1.5 percent

SEOUL (APP) – South Korea’s central bank slashed Thursday its benchmark interest rate by a quarter basis point to another all-time low of 1.5 percent as a growing MERS outbreak sparked concerns over the economy.

It was the first cut since March when the Bank of Korea (BOK) made a surprise 0.25 basis point rate cut, pushing it to a then-record low of 1.75 percent.