The Bank of Korea cut rates to 2.75% from 3%, hitting its lowest since August 2022. This was the third rate cut in four meetings, and in line with with expectations from economists polled by Reuters.

Bank of Korea lowered its base rate by 25 basis points to 2.75% at the February meeting after keeping it unchanged in January. This marked the third reduction in four months, which was in-line with market expectations.

The Bank of Korea lowered interest rates by a quarter of a percentage point on Tuesday, steering Asia's fourth-largest economy away from restrictive monetary policy towards a neutral stance amid mounting growth concerns.