Bank of Korea lifts key rate by half a point to fight inflation

Bank of Korea, Seoul
Bank of Korea, Seoul

South Korea’s central bank delivered today (July 13) its first-ever half percentage point interest rate hike to fight inflation that is rising at its fastest pace in since 1998.

The Bank of Korea raised its base rate by 50 basis points to 2.25%, the biggest increase since the bank adopted the current policy system in 1999. The hike today is the BoK’s third rate increase in a row, following 25bp hikes in April and May.

The central bank’s monetary policy board also raised the rate on the bank

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