Seoul, November 24 (QNA) – South Korea’s central bank raised its policy rate by a quarter percentage point Thursday to tame persistently high inflation, amid worries over high borrowing costs and their impact on economic growth.
The monetary policy board of the Bank of Korea (BOK) voted today unanimously to lift the benchmark seven-day repo rate from 3 percent to 3.25 percent at this year’s last policy meeting.
This marks the sixth consecutive rise in interest rates and the ninth increase since Aug. last year, when the BOK began to undo its accommodative monetary policy aimed at supporting the economy affected by the COVID-19 and combating rising inflation.
This followed a second large increase in Oct. of 0.5 percentage point. (QNA)
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