South Korea’s central bank on Friday cut its benchmark interest rate for the first time in more than four years amid moderating inflation. The Bank of Korea slashed the rate by 0.25 percentage point to 3.25 percent, its first rate cut since May 2020, as inflation dropped to 1.6 percent in September, below the 2.0 percent target. “With inflation showing a clear trend of stabilization, the rate of increase in household debt has started to slow due to the government’s strengthened macroprudential policies while risks in foreign exchange markets have somewhat eased,” the BOK said in a statement. A…