SKorea: Reports say central bank begins unscheduled policy meeting amid financial turmoil

Business Materials 27 October 2008 04:00 (UTC +04:00)

A spokesman says South Korea's central bank has begun a rare interim policy meeting, amid reports it is likely to cut its key interest rate to boost the country's sagging economy and cope with the global financial crisis, AP reported.

Spokesman says Kim Seong says the meeting marks the second time the bank has gathered on an unscheduled basis since its current policy mechanism was established in 1998.

The previous such meeting came after the Sept. 11, 2001 terrorist attacks in the United States when the South Korean central bank cut it key rate by half a percentage point, according to Kim.

The meeting comes as South Korean markets have suffered during the world financial turmoil, with the benchmark stock index losing one-fifth of its value last week, its worst weekly performance on record.