The central bank has lowered the key interest rate by a quarter of a percentage point. 

After its Monetary Policy Board held a rate-setting meeting Tuesday, the Bank of Korea(BOK) announced that it will cut its key lending rate to two-point-75 percent from the current three percent. 

The BOK slashed the benchmark rate in October and November last year, but kept it steady in January amid the weak local currency after President Yoon Suk Yeol declared martial law on December 3 and rescinded it early the next morning.