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S Korean central bank cuts key rate to 3% |
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11:29, December 11, 2008 |
South Korea's central banks on Thursday decided to cut its key interest from 4 percent to a record low of 3 percent.
Previously, the lowest level was 3.25 percent which was set in early November 2004.
It was the fourth time that the Bank of Korea (BOK) lowered the benchmark seven-day repo rate in two months.
Before Thursday's move, the BOK had cut the rate by a combined 1.25 percentage points to 4 percent since early October this year in an effort to bolster the slowing economy amid global financial turmoil.
Source: Xinhua
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