Bank of Korea raises rate to highest level in 10 years

Bank of Korea, Seoul
The Bank of Korea

South Korea’s central bank returned to a quicker tightening pace today (October 12), raising rates 50 basis points to their highest level in 10 years.

The Bank of Korea’s monetary policy board raised the base rate to 3%, the highest level since 2012. The move follows a 25bp hike in August and is the central bank’s sixth hike this year.

Governor Chang-yong Rhee noted that board members are split over the size of the next rate hike for November. “There are different views among the Board members

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