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March 25, 2008

BoK says worst of US sub-prime over

SEOUL - THE head of South Korea's central bank said on Tuesday the US sub-prime mortgage crisis may have passed the worst point, although a few more bad cases can take place in the US financial sector.

'There may be one or two more events taking place this year. But I think the worst situation has passed,' Bank of Korea (BoK) Governor Lee Seong Tae said before a forum of local business executives.

He also said the US dollar's value would likely remain weak for the time being.

He said the persistent foreign sell-off in local stock markets might continue a little further. -- REUTERS