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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: HIGHLIGHTS-S.Korea cuts rates again to protect economy Reuters - Friday, November 7 * For the full story, see [ID:nSEO51448] * For the governor's remarks on Oct. 27, see [ID:nSEO57374] * For analysts' remarks, see [ID:nSEO24240] SEOUL, Nov 7 - South Korea's central bank cut interest rates on Friday for the third time in a month and kept the door open for more action, joining global efforts to shore up the world economy and soothe troubled financial markets. The Bank of Korea trimmed its base rate <KROCRT=ECI> by 25 basis points to 4.00 percent, the lowest since June 2006, in an unprecedentedly swift follow-up to its reduction of the rate by 1 percentage point in two steps over the past month. Following are a selection of remarks by Bank of Korea Governor Lee Seong-tae during his news conference, translated and compiled by Reuters: RATE POLICY "I hope the latest series of rate cuts to lead to lower market interest rates and to help prevent the economy from cooling too fast." "Future interest rate changes will depend on how the financial markets and the economy perform." "One of the considerations behind the aggressive policy easing is the ailing real estate market, with a sharp drop in prices and transactions." ECONOMIC GROWTH "The overall economy has been running out of steam pretty rapidly recently, with exports slowing down fast and domestic demand staying substantially weak." "Since our economy heavily relies on exports, the prospects for both domestic demand and exports are not bright and we will probably see considerably low economic growth next year." INFLATION "Inflation is expected to ease to below 4 percent in the middle or in the second half of next year." "Despite the won's fall, oil prices have dropped sharply and economic activities have slowed down, taking much pressure off from inflation." FINANCIAL MARKETS "The BOK recently increased liquidity injection and cut interest rates, but we have not seen such action giving much effect yet on corporate bonds, CDs and CPs." "There is a time lag for the base rate cuts to influence the market rates. It seems we're having some cloggings somewhere in the financial markets now. After taking various measures, we will continue to supply cash whenever and wherever needed." WON, CURRENT ACCOUNT "The won has not stabilised so much as we had expected due to foreign investors' continued equity sales and increased jitters over credit risks in the domestic financial markets." "Local banks have some trouble in rolling over their existing borrowings at maturity." "The stability in the foreign exchange market requires an easing in foreign investors' sale of bonds and shares and local banks' capability of rolling over maturing debt, which highly hinges on the global financial market conditions." "As other countries have slashed rates aggressively, I don't see much worrisome downward pressure on the local currency from the expanded fiscal spending and policy rate cuts." "The current account will swing to a surplus in October and post a sizeable profit for the fourth quarter. Next year's outlook for the current account is not that bad." 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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HIGHLIGHTS-S.Korea cuts rates again to protect economy
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