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 lowered interest rates by a quarter of a percentage point on Tuesday, cutting rates for a third time in the current easing cycle as growth concerns take centre stage.

South Korea’s central bank cut its base rate and lowered its growth forecast for this year, as it resumed easing to support a sagging economy.

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.

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.