South Korean central bank raises rates to 1.50%

Reuters reported that South Korea’s central bank raised its policy rate to the highest since August 2019 on Thursday in an unexpected move as it seeks to quell surging inflation, which is now double the bank’s 2% target.

”In a rate review held without a governor for the first time ever, the Bank of Korea’s Monetary Policy Board voted to raise the benchmark interest rate by a quarter of a percentage point to 1.50%, an outcome only 11 of 29 economists foresaw in a Reuters poll. 

Joo Sang-yong, who serves as acting chairman of the BOK’s monetary policy board after Lee Ju-yeol retired as governor last month, will hold a news conference at 0220 GMT.”