BoK hikes rates and signals further tightening
Bank announces first rise in more than three years as Shin says growth and inflation will remain elevated
The Bank of Korea has raised rates for the first time in more than three and a half years and said further tightening is likely. The decision was voted through unanimously by the bank’s board.
Governor Hyun Song Shin said in a statement today (July 16) that the board had increased its benchmark lending rate by 25 basis points to 2.75% because of forecasts indicating that inflation and economic growth in South Korea would remain elevated. Shin said that as these conditions were expected to remain
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