SEOUL: South Korea’s central bank raised its benchmark rate to the highest since August 2019 yesterday in a surprise move as it ramped up the fight against rampant inflation, which threatens its economic recovery.
In its first ever rate review held without a governor, the bank’s monetary policy board voted to raise interest rates by a quarter of a percentage point to 1.50%, an outcome less than half of economists foresaw in a Reuters poll.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!