Seoul, May 29 -- South Korea's central bank on Thursday cut its policy rate by a quarter percentage point amid a dimmer growth outlook for the Asian economy.
Bank of Korea (BOK) Governor Rhee Chang-yong and other monetary policymakers decided to lower the benchmark seven-day repurchase rate to 2.50 percent from 2.75 percent. It was in line with market expectations.
According to the Korea Financial Investment Association's poll of 100 fixed-income experts, 69 percent predicted the rate decrease this month.
The BOK slashed the policy rate by 25 basis points in February after reducing it by the same basis points in October and November last year on the back of the gloomier growth forecast.
The central bank revised down this year's grow...