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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea c.bank vows rate policy to support economy Reuters - Sunday, January 4 SEOUL, Jan 4 - South Korea's central bank reaffirmed on Sunday that it would put the top priority on its interest rate policy to help boost the faltering economy and improve fund flows through the local financial system. The Bank of Korea offered the pledge in its 2009 policy statement, which contained key remarks and reports that it and its governor have made recently on various occasions. "The base rate will be managed with the aim of aggressively coping with a possible deterioration of the economic conditions in case the financial instability deepens," it said, echoing recent remarks by its governor, Lee Seong-tae. [ID:nSEO337127] The central bank has slashed its base rate by a total of 2.25 percentage points to a record-low 3.0 percent since early October to shore up Asia's fourth-largest economy and calm the financial markets. Investors and analysts bet the Bank of Korea will cut rates further in the coming months, including at its next policy meeting on Jan. 9, as the local economy was facing its toughest patch in a decade. The central bank forecast last month South Korea's economy would grow only 2 percent in 2009, which would be the slowest growth since 1998, when the economy shrank about 7 percent in the aftermath of the Asian financial crisis. The Bank of Korea also said it was working toward joining a government-proposed 20 trillion won fund to recapitalise commercial banks, whose capital ratios are feared to worsen due to an expected rise in corporate failures. Data showed on Friday South Korean exports and imports in December shrank more than expected over a year earlier as a slump in global and domestic economies have prompted consumers and companies around the world to slash spending. [ID:nL179089] Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy China violates accord with Japan over disputed gas field: reportAFP - 1 hour 7 minutes ago Japan Inc. says recovery unlikely this year: pollsAFP - 1 hour 9 minutes ago Chinese manufacturing shrinks in DecemberAP - 2 hours 36 minutes ago Bank of Japan chief eyes action on strong yenAFP - Sunday, January 4 Related Articles: Business Vietnam workers strike over alleged abuses: reportsAFP - 53 minutes ago China violates accord with Japan over disputed gas field: reportAFP - 1 hour 7 minutes ago Japan Inc. says recovery unlikely this year: pollsAFP - 1 hour 9 minutes ago Most Japan firms see economy worsening in '09-reportReuters - 1 hour 18 minutes ago Chinese manufacturing shrinks in DecemberAP - 2 hours 36 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US steel industry in collapse, eyes government aid: report Rare Bugatti untouched for 50 years could fetch millions: report World's oldest person dies at the age of 115 Vogue editor biggest fashion flop of 08: Time Paulson blames global imbalances for credit crisis: report View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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