CNBC·3 min read·medium
Bank of Korea raises rates to 2.75% in first hike in over three years
L
Lim Hui Jie
✦AI Summary
The Bank of Korea has raised its benchmark policy rates by 25 basis points to 2.75%, marking the first hike since January 2023, in response to persistent inflation and a depreciating won. This move aligns with economist estimates and aims to stabilize prices, despite strong economic growth in the first quarter.
South Korea's central bank hiked benchmark policy rates on Thursday, raising them for the first time since January 2023 as inflation in the country creeps up. The Bank of Korea's 25 basis point hike that increased rates to 2.75% was in line with median estimates from economists polled by Reuters.
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