SEOUL - South Korea's central bank cut interest rate to an all-time low of 0.75 percent Monday in its first emergency move since the 2008 global financial crisis.

Bank of Korea (BOK) Governor Lee Ju-yeol convened an emergency monetary policy meeting, deciding to slash the benchmark seven-day repurchase rate from 1.25 percent to 0.75 percent.

The policy rate fell below 1 percent for the first time, marking the third time that the central bank took an emergency step.

The BOK lowered its target rate by 50 basis points in September 2001 and by 75 basis points in October 2008 each to help withstand the past global financial crises.

The rate cut came a day after the US Federal Reserve cut its key rate by a full percentage point to a range between zero and 0.25 percent.

On March 3, the Fed lowered its target rate by half a percentage point amid the COVID-19 outbreak across Europe and the United States.