The government has hailed the decision by the Bank of Korea(BOK)’s Monetary Policy Committee to cut the nation’s key interest rate by a quarter of a percentage point.
 
A senior official said Thursday that the government respects and welcomes the central bank committee’s decision.
 
The official said the committee appears to have reached the decision after comprehensively taking into consideration the nation’s current economic conditions and uncertainties regarding external factors.
 
The official said that the government will work to breathe new life into the economy and projected that significant strength can be created if the rate cut is combined with the government’s endeavors.
 
Earlier on Thursday, the central bank’s Monetary Policy Committee slashed the nation’s key rate to a record low of one-point-25 percent. It marked the first rate cut in a year after the bank lowered the rate to one-and-a-half percent last June.