Bank of Korea to focus on fight against inflation

Facing headwinds: Pedestrians are seen crossing a road in front of the BoK headquarters in Seoul. The jump in inflation is seen to cause the central bank to keep raising interest rates this year. — AFP

SEOUL: The Bank of Korea (BoK) says it will place greater emphasis on tackling inflation after raising its key interest rate and forecasting much faster price growth this year, as Rhee Chang-yong helmed his first meeting as governor.

The South Korean central bank increased its seven-day repurchase rate by a quarter percentage point to 1.75% yesterday for its fifth hike since last summer.