The Bank of Korea cut its benchmark interest rate by a quarter-point today. The monetary policy board, governed by Rhee Chang Yong, decided to lower the Base Rate by 25 basis points to 2.75 percent. The board noted that it is appropriate to further cut the interest rate to mitigate downward pressure on the economy. The central bank also downgraded its growth outlook for this year to 1.5 percent from 1.9 percent as deteriorating economic sentiment and US tariff policies dampen the domestic demand recovery and export growth.