South Korea Lowers Benchmark Rate

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South Korea central bank on Wednesday voted to lower benchmark lending rate by 25 basis points to 1.25%. This follows a quarter point cut in July.

"As it is expected that domestic economic growth will be moderate and it is forecast that inflationary pressures on the demand side will remain at a low level, the Board will maintain its accommodative monetary policy stance," South Korea's central bank said in a statement.

"In this process it will judge whether to adjust the degree of monetary policy accommodation, while observing any changes in macroeconomic and financial stability conditions and the effects of the two Base Rate cuts" it added.