[News Today] BOK LOWERS INTEREST RATE AGAIN
입력 2024.11.29 (16:18)
수정 2024.11.29 (16:20)
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[LEAD]
The Bank of Korea has unexpectedly reduced the benchmark interest rate by 0.25 percentage points. This is the first consecutive monthly cut since the 2009 global financial crisis. Citing growing downward pressures on economic growth, the central bank has revised next year’s growth forecast down to the low 1% range.
[REPORT]
U.S. President-elect Donald Trump announced that he will impose stiff tariffs on America's key trading partners Canada, Mexico, and China.
Donald Trump/ Former U.S. President (Nov. 4)
I'm going to immediately impose a 25% tariff on everything they send in to the United States of America.
The targeted nations are responding to his tariff plan, which could cause world trade to shrink.
Korea's competition with China in key export industries such as semiconductors, chemicals and steel is bound to get even more fierce.
Given the current situation, the Bank of Korea lowered next year's export growth projection from 2.9% to 1.5%.
The nation's central bank projected that Korea's growth rate would also fall and lowered the benchmark interest rate.
Rhee Chang-yong/ Governor, Bank Of Korea (Nov. 28)
Low export growth prompted a poorer economic outlook. Given that export could negatively impact domestic demand, BOK lowered the interest rate.
As recently as last month's interest rate adjustment, the central bank was cautious about lowering the interest rate again, because such a measure could prompt the currency exchange rate to spike and household debts to balloon.
Rhee Chang-yong/ Governor, Bank Of Korea (Oct. 11)
It'll take time to see how lower interest rate affects real estate prices, household debt. We need to also consider results of the U.S. election, geopolitical risks.
The impending second Trump administration prompted the BOK to change its views in just one month. The won-dollar exchange rate that hovers around 1,400 won per dollar is expected to weigh down on the Korean economy.
Park Hyeong-jung/ Woori Bank economist
The won-dollar exchange rate could spike after Trump takes office. It can negatively impact Korea's macroeconomy, consumption, investment, export, etc.
Also, a wider gap between the two nations' interest rates could cause further devaluation of the Korean currency.
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- [News Today] BOK LOWERS INTEREST RATE AGAIN
-
- 입력 2024-11-29 16:18:36
- 수정2024-11-29 16:20:10
[LEAD]
The Bank of Korea has unexpectedly reduced the benchmark interest rate by 0.25 percentage points. This is the first consecutive monthly cut since the 2009 global financial crisis. Citing growing downward pressures on economic growth, the central bank has revised next year’s growth forecast down to the low 1% range.
[REPORT]
U.S. President-elect Donald Trump announced that he will impose stiff tariffs on America's key trading partners Canada, Mexico, and China.
Donald Trump/ Former U.S. President (Nov. 4)
I'm going to immediately impose a 25% tariff on everything they send in to the United States of America.
The targeted nations are responding to his tariff plan, which could cause world trade to shrink.
Korea's competition with China in key export industries such as semiconductors, chemicals and steel is bound to get even more fierce.
Given the current situation, the Bank of Korea lowered next year's export growth projection from 2.9% to 1.5%.
The nation's central bank projected that Korea's growth rate would also fall and lowered the benchmark interest rate.
Rhee Chang-yong/ Governor, Bank Of Korea (Nov. 28)
Low export growth prompted a poorer economic outlook. Given that export could negatively impact domestic demand, BOK lowered the interest rate.
As recently as last month's interest rate adjustment, the central bank was cautious about lowering the interest rate again, because such a measure could prompt the currency exchange rate to spike and household debts to balloon.
Rhee Chang-yong/ Governor, Bank Of Korea (Oct. 11)
It'll take time to see how lower interest rate affects real estate prices, household debt. We need to also consider results of the U.S. election, geopolitical risks.
The impending second Trump administration prompted the BOK to change its views in just one month. The won-dollar exchange rate that hovers around 1,400 won per dollar is expected to weigh down on the Korean economy.
Park Hyeong-jung/ Woori Bank economist
The won-dollar exchange rate could spike after Trump takes office. It can negatively impact Korea's macroeconomy, consumption, investment, export, etc.
Also, a wider gap between the two nations' interest rates could cause further devaluation of the Korean currency.
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