Photo taken on July 5, 2022 shows the price board at a gas station in Seoul, South Korea. (Xinhua/Wang Yiliang)
Bank of Korea (BOK) Governor Rhee Chang-yong and other monetary policymakers decided to lift the benchmark seven-day repurchase rate by 25 basis points to 2.50 percent.
SEOUL, Aug. 26 (Xinhua) -- South Korea's central bank on Thursday raised its policy rate to curb inflation, delivering four back-to-back rate hikes for the first time.
Bank of Korea (BOK) Governor Rhee Chang-yong and other monetary policymakers decided to lift the benchmark seven-day repurchase rate by 25 basis points to 2.50 percent.
A woman shops at a supermarket in Seoul, South Korea, July 5, 2022. (Xinhua/Wang Yiliang)
It marked the fourth consecutive rate increase for the first time, after hiking the rate by 50 basis points in July. The BOK set off its tightening monetary policy since August last year.
The Thursday hike was in line with market expectations. According to a Korea Financial Investment Association poll of 100 fixed-income experts, 97 percent predicted the rate increase this month.■
