S. Korea lifts key rate to 3% in another big hike to tame inflation

Politics Economy

South Korea's central bank raised its benchmark interest rate on Wednesday by a half percentage point to 3 percent, in another big-step rate hike aimed at taming continued inflation driven by higher food prices. The Bank of Korea's monetary policy board decided to lift the interest rate from 2.5 percent, marking the first time since October 2012 it reached that level. It is also the first time for the bank to increase its rate five times in a row. The BOK in July raised its key rate by an unprecedented half percentage point amid deepening worries over inflation. The bank said in a statement th...

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