Bank of Korea raises policy rate to 14-year high

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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