South Korea’s central bank has lowered its key policy rate for the second straight month and says the country’s economy will grow at a slower pace than it initially anticipated

South Korea's central bank unexpectedly cut interest rates by 25 basis points to 3.00% on Thursday, delivering its first back-to-back cuts since the global financial crisis of 2008-2009. MARKET REACTION: South Korea's policy-sensitive three-year treasury bond futures rose as much as 0.

South Korea's central bank on Thursday cut its benchmark interest rate by 25 basis points to 3% in a surprise move.Economists polled by Reuters had estimated the bank to hold rates at 3.25%.This is the second straight cut as the Bank of Korea lowered rates by 25 basis points in its last meeting in October as well.