S. Korean bank joins global rate cut for October

(Xinhua)
Updated: 2008-10-09 17:28

SEOUL -- South Korea's central bank announced on Thursday to cut its key interest rate for October by 0.25 percentage point.

Bank of Korea (BOK) lowered the benchmark 7-day repurchase rate to 5 percent this month, after freezing the rate at an eight-year high of 5.25 percent in September. This is the first rate cut since last November,

"Despite robust exports, the growth of the South Korean economy is markedly weakening due to sluggish domestic demand," the BOK said in a statement citing the reason for the rate cut.

South Korea's Yonhap News agency said rate reduction shows the BOK's effort to boost the slowing economy amid growing fears that a global credit squeeze is hurting the real economy.

The BOK's movement came as other central banks around the world started to lower key interest rates amid escalating financial turmoil

On Wednesday, the US Federal Reserve slashed its key rate by 0.5 percentage point to 1.5 percent, while other global central banks like the European Central Bank and the Bank of England also joined the trend.

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