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LoginSouth Korea Raises Interest Rates for First Time in more than Three Years
Seoul, July 16 (QNA) - South Korea's central bank delivered a quarter-percentage-point interest rate hike Thursday, as widely expected, to tackle high inflation amid lingering Middle East uncertainties.
The Bank of Korea (BOK) convened a Monetary Policy Board meeting and lifted the benchmark rate from 2.5 % to 2.75 %.
This marked the first rate increase since January 2023, when the central bank hiked the rate by 0.25 % to 3.5 % as part of its policy normalization to jump-start the pandemic-hit economy. (QNA)
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