South Korea’s central bank raises interest rates

The Central Bank of South Korea raised the benchmark interest rate to 3.50 percent.

The Central Bank of South Korea (BoK) kept its interest rate hikes at the level of expectations with the aim of curbing high inflation.

According to the statement made by the bank, the benchmark interest rate was increased from 3.25% to 3.50%. The market expectation was that the interest rate would increase by 25 basis points.

The bank had increased the interest rate by 25 basis points at its previous meeting. Inflation in the country was announced as 5.0 percent at the latest.