BoK delivers second consecutive rate hike
Central bank forecasts stronger growth as inflation remains above target
The Bank of Korea has delivered its second consecutive rate hike on the back of stronger growth forecasts and signs that inflation is stabilising, albeit at a level higher than the bank’s 2% target.
BoK governor Hyun Song Shin said the bank’s board had decided to raise its benchmark lending rate by 25 basis points to 3%, according to a release. The decision comes after the BoK tightened policy by 25bp in July.
Shin said all but one of the seven board members had voted for the decision today
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