S.Korea raises policy rate by 25 basis points to 2.50 pct
Aug 25, 2022
Seoul [South Korea], August 25: South Korea's central bank on Thursday raised its policy rate to curb inflation, delivering four back-to-back rate hikes for the first time.
Bank of Korea (BOK) Governor Rhee Chang-yong and other monetary policymakers decided to lift the benchmark seven-day repurchase rate by 25 basis points to 2.50 percent.
It marked the fourth consecutive rate increase for the first time, after hiking the rate by 50 basis points in July. The BOK set off its tightening monetary policy since August last year.
The Thursday hike was in line with market expectations. According to a Korea Financial Investment Association poll of 100 fixed-income experts, 97 percent predicted the rate increase this month.
Source: Xinhua
