SEOUL, May 9 (Reuters) - South Korea's central bank cut interest rates for the first time in seven months on Thursday, overthrowing market consensus for a hold but not surprisingly as weak industrial growth suggests the economy is not recovering as quickly as expected.
The Bank of Korea's monetary policy committee cut its base rate by 25 basis points to 2.50 percent, a media official said without elaborating. Governor Kim Choong-soo is due to hold a news conference from 11:20 a.m. (0220 GMT).
Thursday's decision brought interest rates to their lowest since early 2011.
Ten out of 26 analysts surveyed by Reuters before the decision forecast the Bank of Korea would lower interest rates as Asia's fourth-largest economy is still dragging its feet. The remaining 16 saw a rate hold.
(Reporting by Christine Kim; Editing by Choonsik Yoo) Keywords: KOREA ECONOMY/RATES
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