Bank of Korea cuts rates to 1.25%

Bank of Korea (BOK) has cut the benchmark interest rates by 25 basis points to 1.25% 

The South Korean central bank was expected to cut rates to counter recession fears triggered the first-ever drop in consumer prices and the relentless drop in exports. 

The central bank lowered its key rate in July and left it unchanged in August. 

The latest move is yet to have any impact on the Korean Won. The USD/KRW pair, currently at 1,185, is barely moving in response to the rate cut announcement.