Bank of Korea raises policy rate to 14-year high

Two central bank board members voted to hold the rate steady

Bank of Korea, Seoul

South Korea’s central bank raised its benchmark interest rate today (January 13) by another 25 basis points to 3.5%, the highest level since November 2008.

Inflation still remains high and is projected to be above the target level for a considerable time, the Bank of Korea said in a statement.

“The board deems it warranted to maintain its restrictive policy stance with a focus on price stability going forward, as inflation this year is expected to run above the target level while gradually

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