Bank of Korea slashes rate in emergency move after Fed cut

SEOUL: The Bank of Korea slashed its benchmark interest rate to a record low of 0.75% in an emergency move following actions by the Federal Reserve and other central banks to combat economic damage from the coronavirus outbreak.

The BOK convened its first emergency board meeting since the global financial crisis on Monday and cut the seven-day repurchase rate by 50 basis points, effective March 17.