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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: SKorea cuts key interest rate, warns of slowing growth AFP - 2 hours 40 minutes ago SEOUL (AFP) - - South Korea's central bank cut its key interest rate Friday for the third time in a month, saying the economy is slowing down sooner than expected amid global financial turmoil. The Bank of Korea reduced the benchmark seven-day repo rate for November by a quarter of a percentage point to 4.0 percent, with one analyst suggesting further cuts could be made soon. On October 27 the bank had announced its largest-ever interest rate cut of 75 basis points, following a 25 basis points reduction on October 9. South Korea is trying hard to stimulate sluggish domestic demand because of a likely slowdown in its crucial export sector amid international economic gloom. On Monday the government announced a 10.7 billion dollar stimulus plan. "The growth of the Korean economy is expected to sharply cool as financial market jitters are affecting the real economy," the central bank said in a statement. Its chief Lee Seong-Tae said growth has been slowing faster than expected. "Since the export outlook is expected to be bad along with domestic demand, so economic growth could show a considerable slowdown (at least) until the first half of next year," he told a press conference. The economy grew 0.6 percent quarter-on-quarter in July to September, the slowest growth in four years. Households and smaller firms struggling with mounting debt have increasingly been cutting spending. A currency swap agreement reached with the United States Federal Reserve last week has eased downward pressure on the won and given the central bank more scope for interest rate cuts. The won has lost around a third of its value against the dollar this year and is Asia's worst-performing major currency. But it has lately been supported by the swap deal. "The central bank may reduce the rate to 3.25 percent until the first half of 2009, given cooling economic growth," said Lee Sung-Kwon, an economist at Goodmorning Shinhan Securities. 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 SKorea cuts key interest rate, warns of slowing growthAFP - 2 hours 40 minutes ago Vanishing jobs, stressed consumers feed downturnAP - 2 hours 43 minutes ago HIGHLIGHTS-S.Korea cuts rates again to protect economyReuters - Friday, November 7 Global slowdown hits trade at China export fair: reportAFP - Friday, November 7 Related Articles: Business ADB says slowdown could turn into global recessionAP - 1 hour 43 minutes ago China defends efforts to protect intellectual property rightsAFP - 1 hour 46 minutes ago Japan Airlines' quarterly profit risesAP - 1 hour 54 minutes ago China gives Agricultural Bank $19 billion bailoutAP - 1 hour 57 minutes ago Bank of Korea cuts key interest rate to 4 percentAP - 1 hour 59 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Among Obama's next challenges: his own security IMF sees recession in advanced economies in 2009 ECB, Bank of England slash interest rates Obama's grandmother, family 'rock', dies on election eve World stocks plunge on rising recession fears View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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