South Korea’s central bank is expected to cut the base rate in August after a 14-month pause as the government is drumming up support for its 41 trillion won ($40 billion) stimulus aimed at boosting flagging consumption, a poll showed Monday.

A clear majority of 21 out of 23 analysts surveyed by Yonhap Infomax, the financial news arm of Yonhap News Agency, forecast the Bank of Korea would cut the policy rate to 2.25 percent from 2.5 percent at an upcoming policy board meeting on Thursday. Two analysts projected the BOK to keep the key rate on hold for another month.

The latest result marks a sharp turnaround from July when only one out of 22 analysts forecast a rate cut. In July, the BOK’s monetary policy committee froze the policy rate despite investor hopes betting on a rate cut. (Yonhap)