Bank of Korea board members saw more interest rate cuts necessary, minutes show

SEOUL :Board members of South Korea’s central bank said there was a need to lower interest rates, citing downward economic pressure from U.S. tariffs, at their latest meeting on July 10, minutes showed on Tuesday.

The Bank of Korea kept its benchmark interest rate unchanged at 2.50 per cent at the meeting, but a majority of board members signalled another rate cut in the next three months and warned of “significant” economic uncertainty from U.S. tariffs.