Bank of Korea makes first hike in six years
Central bank triggers hiking cycle despite below-target inflation, as economy shows “solid” growth
The Bank of Korea lifted its policy rate from record lows today (November 30), making its first rate hike since 2011.
The central bank’s board chose to raise rates by 25 basis points to 1.5%, citing the “solid trend” of domestic economic growth accompanied by the global recovery. Financial markets remain stable and strong domestic demand implies growth will come in slightly above the level forecast in October, the board says in its policy statement.
Like many other conomies, however, South
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