The Bank of Korea Increases its Benchmark Interest Rate From 1.75 Percent to 2.25 Percent.

The BoK, the central bank of South Korea, increased its benchmark rate from 1.75 percent to 2.25 percent. This comes after a rise of 25 basis points at the previous meeting in May. The central bank has lifted the benchmark rate for the first time, or

July 13, 2022 - 11:55 AM 236 views

The Bank of Korea Increases its Benchmark Interest Rate From 1.75 Percent to 2.25 Percent.

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© The Bank of Korea Increases its Benchmark Interest Rate From 1.75 Percent to 2.25 Percent.

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The BoK, the central bank of South Korea, increased its benchmark rate from 1.75 percent to 2.25 percent. This comes after a rise of 25 basis points at the previous meeting in May. The central bank has lifted the benchmark rate for the first time, or "big step," by 50 basis points.

Rhee Chang-yong, the newly appointed governor of the BoK who will preside over his first policy meeting on Thursday, stated in May that he would explore larger interest rate increases in the months to come. Based on the consensus opinion of 17 out of 28 economists before to the decision, the result was anticipated.

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