April 27, 2024
Finance
BOK hikes key rate for first time in more than 6 years
[THE INVESTOR] Korea’s central bank on Nov. 30 raised the key rate by a quarter percentage point for the first time in more than six years.
In a widely expected move, the monetary policy board of the Bank of Korea voted to increase the base rate to 1.5 percent from a record low of 1.25 percent, ending 16 straight months of its wait-and-see stance after the last rate cut made in June last year.
It also marked the BOK’s first monetary tightening action since June 2011, when the central bank raised the rate by 0.25 percentage point to 3.25 percent.
By Alex Lee and newswires (alexlee@heraldcorp.com)
