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

The Bank of Korea (BOK) lowered its benchmark interest rate by a quarter percentage point to 3.00% at its monetary policy review, an outcome only four of 38 economists polled by Reuters foresaw. All others expected the bank to keep rates unchanged.

South Korea’s central bank unexpectedly cut its policy rate for a second straight time and lowered its growth forecasts for the country as it looks to step up support for the sagging economy.