Korea Matches Brazil Rate Cut as World Growth Stumbles
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South Korea cut interest rates hours after Brazil as economies around the world shield themselves from the risk of a deeper slowdown driven by weakness in China and austerity measures in Europe.
Governor Kim Choong Soo and his board in Seoul today lowered the benchmark seven-day repurchase rate to 2.75 percent from 3 percent, a decision predicted by 13 of 16 economists surveyed by Bloomberg News. Brazil’s Selic rate fell by the same amount to a record low 7.25 percent. Indonesia left its benchmark unchanged.