South Korea cuts key interest rate
SEOUL - South Korea's central bank cut its key interest rate by 25 basis points to 2.75 percent on Thursday in response to growing indications of a stronger than expected deceleration in economic growth.
It was the second cut this year following a similar 25 basis point reduction in July which marked the first policy easing by the Bank of Korea (BOK) since early 2009.
South Korea's export-driven economy has faltered in recent months, as the global economic downturn - and in particular the crisis in the eurozone - has hit overseas shipments.
Korean exports fell year-on-year for the third consecutive month in September while manufacturing activity in the same month contracted at the sharpest rate for nearly four years.