Korea cut rate by 100bps; Taiwan cut rate by 75bps

The Bank of Korea’s cut its interest rate by 100bps to 3% on Thursday, it was the fourth times in two months. The bank’s governor, Lee Seong-tae, said South Korea was “on the verge of an emergency situation that may need more drastic policy”.

Central banks around the world have delivered a cascade of cuts as the speed of the economic slowdown — and outright recession in the United States, Canada, Japan and much of Europe — becomes apparent.

In Taiwan, the central bank also cut its main rate by 75bps to 2%, it was the fifth such move in two months. The rate cut, which was announced after the close of the market, was the biggest in 26 years

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Souht Korea Cuts Rates for Third Time in a Month

Sources :

The New York Times: South Korea Cuts Interest Rate to Record 3 Percent, December 11, 2008

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