South Korea central bank cuts base rate by record 100 bps

South Korea's central bank cut its key interest rate on Thursday by an unprecedented 100 basis points to a record low 3.00 percent. The reduction follows cuts totalling 1.25 percentage points over the past two months and comes after the latest round of massive rate cuts by other global central banks last week against the backdrop of the worst financial crisis since the 1930s. A press official at the Bank of Korea informed reporters of the decision by its monetary policy committee, without elaborating. Governor Lee Seong-tae is due to hold a news conference shortly. Nine of 10 analysts in a Reuters poll had predicted a 50-basis-point cut and one expected a 25-basis-point reduction.