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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: CHRONOLOGY-South Korea takes steps to boost economy Reuters - 2 hours 48 minutes ago Nov 3 - The following is a chronology of key measures South Korea has taken to tackle the financial crisis and boost its flagging economy: Nov. 3 - The government unveils an economic stimulus package worth at least 14 trillion won in an attempt to secure a soft landing for Asia's fourth-largest economy in the face of a looming global recession. [ID:nSEV000528] Oct. 30 - The Bank of Korea ties up a $30 billion currency swap facility with the U.S. Federal Reserve to ease a dollar crunch at local financial companies. [ID:nSP414786] Oct. 27 - The Bank of Korea cuts its base rate by 75 basis points to 4.25 percent, the biggest cut on record, in an emergency action to stabilise markets and boost the economy. [ID:nSEU000096] Oct. 23 - The Bank of Korea raises the ceiling on low-interest loans to smaller companies for the first time in seven years. Oct. 21 - The government offers to spend 5 trillion won buying unsold new homes and land that local builders want to sell to finance their debt payments. [ID:nSEO346755] Oct. 19 - The country's top three financial authorities jointly announce measures to calm markets, including a plan to provide government guarantee on foreign-currency borrowings. Oct. 17 - The Bank of Korea says it will hold an auction every Tuesday from Oct. 21 to supply dollars through dollar/won swap deals to a larger number of commercial banks to ease dollar shortages. [ID:nSEO264901] Oct. 17 - State-run National Pension Service says it will buy bonds issued by commercial banks and local companies to ease a deepening credit crunch. Oct. 15 - The Bank of Korea says it will buy $10 billion worth of U.S. treasuries by the end of this year from the state-run pension service to rebuild steadily falling foreign exchange reserves. [ID:nSEO240387] Oct. 10 - The won <KRW=> ends local trade up about 5.5 percent against the dollar on reported intervention and dollar sales by local exporters, after showing its biggest intraday swing since the Asian financial crisis 11 years ago. Oct. 10 - The Financial Services Commission says it will require all banks to submit their foreign exchange trading records to curb speculative trading and stop the won's rapid decline against the dollar. Oct. 9 - The won hits its lowest since the Asian financial crisis against the dollar but rebounds on reported dollar-selling intervention by the authorities. Oct. 9 - Finance Minister Kang Man-soo asks major exporters to offload their dollar holdings and help the foreign exchange market stabilise. Since then, steelmaker POSCO <005490.KS>, Hyundai Motor <005380.KS> and Samsung Electronics <005930.KS> sell hundreds of millions of dollars. [ID:nSEO91472] Oct. 9 - The Bank of Korea cuts its main interest rate by 25 basis points to 5.00 percent from a 7-1/2-year high of 5.25 percent, joining a round of worldwide rate cuts aimed at tackling global financial market turmoil. [ID:nSEO278751] Oct. 9 - The Finance Ministry says it will offer 800 billion won in a financial support package to small and medium-sized companies by providing insurance on sales receivables and loans. [ID:nSEO898181] Oct. 6 - The Finance Ministry says it will inject $5 billion to domestic banks and cash-strapped exporters through the state-run Export-Import Bank of Korea. Oct. 2 - The Bank of Korea says it has $240 billion in foreign exchange reserves, the world's sixth largest, as of end-September. But the reserves have steadily fallen for the past six months as the authorities spend billions of dollars propping up weakening won currency. [ID:nSEO334149] Sept. 30 - South Korea bans short-selling of all listed stocks and allows companies traded on the main exchange to buy back 10 times more of their own shares from the market from October [ID:nSEO281652]. Sept. 26 - The Finance Ministry says it will inject $10 billion into the local currency swap market until the middle of October to help domestic banks stave off persistent dollar funding shortages [ID:nSEV000504]. 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 Australian house prices slow; retail, job ads fallAP - 37 minutes ago China's central bank relaxes loan restrictionsAFP - 1 hour 12 minutes ago S.Korea won ends up 2.3 pct on package, rate hopeReuters - 1 hour 39 minutes ago Asian shares up, SKorea unveils stimulus packageAFP - 1 hour 46 minutes ago Related Articles: Business India markets cheer rate cut, growth worries remainReuters - 45 minutes ago TOPWRAP 2-More rate cuts ahead; S.Korea plans $11 bln stimulusReuters - 46 minutes ago Pakistani c.bank sells 34.5 bln rupees of T-billsReuters - 53 minutes ago Zurich enters Islamic insurance JV in Abu DhabiReuters - 57 minutes ago DEALTALK-Aussie REITs chase funds; investors want discountsReuters - 59 minutes ago Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Hamilton pips Massa to Formula One title in tense Brazil finale Obama and McCain duel in final hours of White House race Formula One driver Hamilton wins 2008 F1 championship Australia anxious as Indonesia prepares to execute Bali bombers Australian F1 race posts record financial loss View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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