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One policymaker opposes rate cut in June: minutes

All News 16:16 June 30, 2015

SEOUL, June 30 (Yonhap) -- One member of the central bank's monetary policy committee opposed a majority decision earlier this month to cut the policy rate to a record low of 1.5 percent, minutes from the June meeting showed Tuesday.

On June 11, the Bank of Korea (BOK) slashed the base rate by a quarter percentage point to the historic low as part of broader efforts to spur growth in Asia's fourth-largest economy that is stuttering from sagging exports and the Middle East Respiratory Syndrome (MERS) outbreak.

The move was the latest in a series of four rounds of rate cuts since August last year that has sent the key rate lower by a total of 1 percentage point.

According to the minutes, Moon Woo-sik, one member of the seven-member policy board led by BOK Gov. Lee Ju-yeol, voted to leave the base rate unchanged at 1.75 percent.

Details of the monthly rate-setting meeting are disclosed via the minutes released roughly three weeks after the meeting. The identities of the members who commented and their voting results are kept anonymous unless they dissent from the majority decision.

The policy committee is set to hold its next rate-setting meeting on July 9.

mil@yna.co.kr
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