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Bank of Korea adjusts interest rate policy
The Bank of Korea raised its key interest rate by a quarter of a percentage point to 3.00%, marking the second consecutive increase, as part of its efforts to combat high inflation and maintain financial stability. The bank emphasized that this decision aims to curb economic pressures while balancing the domestic market, with ongoing assessments of the impacts of previous hikes before making future decisions. Additionally, the bank revised upward its economic growth forecast for South Korea in 2023 to 3.3%, while keeping inflation expectations steady at 2.7%. It is also anticipated that interest rate hikes will pause temporarily in the last quarter of the year and then stabilize at 3.25% at the start of the next year.
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