The Monetary Policy Committee of the Bank of Korea decided today to lower its target for the benchmark call rate (uncollateralized overnight rate) from 3.75 percent to 3.5 percent for the inter-meeting period.

  In a related action, the Committee lowered the interest rates on Liquidity Adjustment Loans and Aggregate Credit Ceiling Loans of the Bank of Korea by the same 25 basis points, respectively to 3.25 percent and 2.25 percent.

(An unofficial English translation based on the Korean original of the decision on monetary policy taken by the Monetary Policy Committee on August 12, 2004 is attached.)