Central bank of South Korea raises rates, previously in Covid era

BEIJING, 26 AUG – The Bank of Korea has raised interest rates by 0.25%, raising them from all-time lows of 0.50% to 0.75% and making South Korea the first country with an economy developed to attempt the approach towards a “pandemic normality”. The move, adopted by a majority by the Bank’s board when the nation is facing the worst outbreaks of Covid-19 with new daily infections above 1,000 units for more than 50 days, aims to combat rising inflation and curb the rise in household debt. The Bok confirmed the growth in 2021 at 4% with inflation raised from 1.8% to 2.1%. (HANDLE).


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