Bank of Korea Monetary Policy Committee Meeting at 4:30 PM on the 16th... Lee Ju-yeol YouTube Press Conference
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[Asia Economy Reporter Kim Eun-byeol] The Bank of Korea will hold an emergency Monetary Policy Committee meeting on the afternoon of the 16th to discuss whether to cut the base interest rate.
The Bank of Korea stated, "Governor Lee Ju-yeol of the Bank of Korea convened the emergency Monetary Policy Committee as the chairperson, and accordingly, an emergency meeting is scheduled to be held at 4:30 PM today."
After the emergency Monetary Policy Committee meeting, Governor Lee will hold a press briefing via YouTube live stream at 6 PM.
The emergency Monetary Policy Committee was originally expected to be held around the 17th to 18th, but the Federal Reserve's sudden cut of the base interest rate to 'zero interest rate' level on the 15th (local time) appears to have influenced the schedule to be moved forward.
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The market expects the Monetary Policy Committee to lower the current base interest rate of 1.25% per annum by 0.50 percentage points at this meeting. If the 0.50 percentage point cut is implemented, the base interest rate will drop from 1.25% to 0.75%, opening the era of a base interest rate in the 0% range for the first time in history.
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