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               South Korea Cuts Interest Rates Amid MERS Outbreak

   by VOA News

   South Korea has reported 14 new cases of the Middle East Respiratory
   Syndrome, or MERS, as concerns persist that the outbreak is hurting
   Seoul's economy.

   Businesses have reported a sharp drop in sales, as South Koreans
   fearful of catching the deadly virus have avoided shops, theaters, and
   other areas with large crowds.

   The country's central bank on Thursday cut its key interest rate by a
   quarter of a percentage point to an unprecedented low of 1.5 percent.

   "The Monetary Policy Committee of the Bank of Korea decided to lower
   the base rate by 25 basis points today, as there are downside risks
   including sluggish exports and the impacts of the Middle East
   Respiratory Syndrome outbreak," said Bank of Korean governor Lee
   Ju-yeol.

   One hundred and twenty-two people are now confirmed to have been
   infected since the virus first appeared in South Korea on May 20. Nine
   of them have died.

   So far, all of the reported infections have been limited to hospitals,
   according to officials, who stress that the virus has not spread to the
   general population.

   Thousands thought to have come into contact with infected individuals
   have been placed under quarantine and thousands of schools remain
   closed due to the outbreak.

   The outbreak also prompted President Park Geun-hye to postpone next
   week's planned visit to the United States.

   Fears over the virus have also spread to other parts of Asia, including
   Hong Kong, which this week issued a "red alert" advising against
   non-essential travel to South Korea.

   Hong Kong officials said Thursday that 31 individuals tested for
   suspected MERS have turned up negative results. Test results for
   another two individuals were pending, they said.

   Public alarm has been widespread, in part because of false online
   rumors and also because MERS symptoms include fever, coughing, and
   shortness of breath - all of which are typically associated with
   non-serious illnesses such as the common cold.

   There is no vaccine or cure for MERS, which has a fatality rate of
   around 35 percent, according to the World Health Organization.

   The coronavirus is related to the one that infected thousands during
   the 2003 outbreak of Severe Acute Respiratory Syndrome, or SARS. MERS
   was first reported in Saudi Arabia in 2012 and has spread to several
   other countries.
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   mers-outbreak/2816824.html

References

   1. http://www.voanews.com/content/south-korea-cuts-interest-rates-amid-mers-outbreak/2816824.html