No change in interest rates is expected when the Federal Open Market Committee is scheduled to set rates again on March 19.

The Bank of Korea (BOK) lowered its key interest rate by 25 basis points to 2.75 percent on Tuesday, citing persistently weak domestic demand and growing concerns over slowing economic growth due to the country’s declining export momentum.

SEOUL -- South Korea's central bank cut its key interest rate by one quarter of a percentage point to 2.75% on Tuesday amid projections of weak growth in Asia's fourth-largest economy. The decision was in line with expectations. Of 36 economists polled by Reuters from Feb. 14 to Feb. 20, all but one predicted a rate decrease of 25 basis points.

The Bank of Korea lowered interest rates by a quarter of a percentage point on Tuesday, steering Asia's fourth-largest economy away from restrictive monetary policy towards a neutral stance amid mounting growth concerns.

The Bank of Korea cut rates to 2.75% from 3%, in line with expectations from economists polled by Reuters, trimming rates for the third time in four meetings.