Bank of Korea holds rates and raises inflation forecasts

Governor says interest rates could stay high for more than six months

Bank of Korea, Seoul
Bank of Korea, Seoul

The Bank of Korea (BoK) kept its key policy rate unchanged today (November 30) and signalled it may need to keep interest rates high into mid- 2024 to curb inflation. In a unanimous decision, the central bank’s seven-member monetary policy board kept the base rate at 3.5% for the seventh straight meeting. It has raised the rate by 300 basis points since August 2021.

The central bank also raised its inflation forecasts for this year from 3.5% to 3.6%, and next year’s projections from 2.4% to 2.6

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