BOK's Lee: Ready to cut interest rates further if needed

South Korean Central Bank Had Lee said on Tuesday that he was ready to cut interest rates further if needed and added that a situation requiring more policy response after last week's rate cut cannot be ruled out.

The central bank cut delivered a surprise rate cut last Thursday and trimmed this year's growth forecast to the lowest in a decade. The base rate was cut by 25 basis points to 1.50% – the first reduction in three years and lowest since November.