Bank of Korea hikes rates by 25bps as expected to 3.25%
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South Korea’s central bank has hiked the rate by 25bps as expected to 3.25% amid signs of slowing domestic growth, despite high inflation and an aggressive US Federal Reserve, a Reuters poll found.
South Korea’s economy is fast losing momentum at latest measure as higher living costs erode household income and crimp demand, pressuring the BoK to strike a balance between inflation and growth.
Reuters reports that rates are now at the highest level since July 2012, after delivering a half-percentage point hike in October.
”All but one of 30 economists expected the central bank to opt for a quarter-point hike in a Reuters poll, while one forecast another half-point rise.
The Bank of Korea has raised the policy rate by a total of 275 basis points since August 2021 from a record low of 0.50%. Governor Rhee Chang-yong will hold a news conference at 0210 GMT.”
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