Bank of Korea hikes rates again

The Bank of Korea raised its benchmark overnight call rate by 25 basis points at their monthly monetary policy meeting in Seoul yesterday. In doing so, governor Park Seung and his six fellow policymakers raised the overnight call rate to 4%.

Park, whose four-year term ends March 31, ignored calls by government officials to stand pat as he raised borrowing costs for a third time in five months, seeking to keep accelerating demand from fanning inflation.

Deputy Finance Minister, Kwon Tae Shin, s

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