S. Korea raises interest rate amid accelerating inflation

South Korea’s central bank raised its key interest rate to 1 percent on Thursday to curb accelerating inflation, bringing an end to an era of rates in the zero range. The decision to lift the benchmark rate by 0.25 percentage point, the second hike in three months, came as inflation continues and household debts surge. The members of the Bank of Korea’s monetary policy board voted to raise the interest rate from 0.75 percent to 1 percent. In May 2020, the central bank cut the rate to a record low of 0.5 percent to tackle the economic fallout caused by the coronavirus pandemic but lifted it by …

Read More