BOK RAISES KEY INTEREST RATE
입력 2022.08.25 (14:57)
수정 2022.08.25 (16:45)
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[Anchor Lead]
The Bank of Korea has raised its policy rate by a quarter percentage points in an effort to rein in spiraling inflation. This is the first time the central bank has delivered a rate hike for the fourth straight time. It also predicted consumer prices will gain 5.2 percent this year, which is up 0.7 percentage points from its May projection at 4.5 percent.
[Pkg]
In the monthly meeting of its Monetary Policy Board on Thursday, the Bank of Korea decided to raise its benchmark rate by a 25 basis points to 2.5 percent. The rate hike was approved by unanimous consent of all board members. This decision follows last month's big step of raising the rate by a half percentage points. This is the latest of the four back-to-back rate hikes the BOK has delivered since this April, a move it has made for the very first time since the policy rate system was introduced in 1999. As a result, the central bank has raised the key rate by a total of 1.5 percentage points in five steps. The Monetary Policy Board explained it decided to raise the rate due to continuing inflationary pressure, despite growing downside economic risks both at home and abroad. South Korea saw consumer prices jump 6.3 percent last month, the highest level since the 1998 financial crisis. Expected inflation inched down this month. But it is still staying in the four percent level, the highest since 2011. Predicting that inflation will likely continue to hover far above the target level, the Monetary Policy Board stressed the need to deliver more interest rate hikes. The BOK also raised its annual consumer price growth outlook for this year to 5.2 percent. the highest level since 1998. The central bank predicted that consumer prices will likely gain 3.7 percent next year, remaining on the upward track. According to the BOK on Thursday, the producer price index jumped 0.3 percent month on month, continuing the rising trend for the seventh straight month. The central bank lowered its economic growth outlook for this year to 2.6 percent from the previous projection of 2.7 percent released in May. It forecast that the South Korean economy will contract further next year, projections showing that it will grow just 2.1 percent.
The Bank of Korea has raised its policy rate by a quarter percentage points in an effort to rein in spiraling inflation. This is the first time the central bank has delivered a rate hike for the fourth straight time. It also predicted consumer prices will gain 5.2 percent this year, which is up 0.7 percentage points from its May projection at 4.5 percent.
[Pkg]
In the monthly meeting of its Monetary Policy Board on Thursday, the Bank of Korea decided to raise its benchmark rate by a 25 basis points to 2.5 percent. The rate hike was approved by unanimous consent of all board members. This decision follows last month's big step of raising the rate by a half percentage points. This is the latest of the four back-to-back rate hikes the BOK has delivered since this April, a move it has made for the very first time since the policy rate system was introduced in 1999. As a result, the central bank has raised the key rate by a total of 1.5 percentage points in five steps. The Monetary Policy Board explained it decided to raise the rate due to continuing inflationary pressure, despite growing downside economic risks both at home and abroad. South Korea saw consumer prices jump 6.3 percent last month, the highest level since the 1998 financial crisis. Expected inflation inched down this month. But it is still staying in the four percent level, the highest since 2011. Predicting that inflation will likely continue to hover far above the target level, the Monetary Policy Board stressed the need to deliver more interest rate hikes. The BOK also raised its annual consumer price growth outlook for this year to 5.2 percent. the highest level since 1998. The central bank predicted that consumer prices will likely gain 3.7 percent next year, remaining on the upward track. According to the BOK on Thursday, the producer price index jumped 0.3 percent month on month, continuing the rising trend for the seventh straight month. The central bank lowered its economic growth outlook for this year to 2.6 percent from the previous projection of 2.7 percent released in May. It forecast that the South Korean economy will contract further next year, projections showing that it will grow just 2.1 percent.
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- BOK RAISES KEY INTEREST RATE
-
- 입력 2022-08-25 14:57:37
- 수정2022-08-25 16:45:04

[Anchor Lead]
The Bank of Korea has raised its policy rate by a quarter percentage points in an effort to rein in spiraling inflation. This is the first time the central bank has delivered a rate hike for the fourth straight time. It also predicted consumer prices will gain 5.2 percent this year, which is up 0.7 percentage points from its May projection at 4.5 percent.
[Pkg]
In the monthly meeting of its Monetary Policy Board on Thursday, the Bank of Korea decided to raise its benchmark rate by a 25 basis points to 2.5 percent. The rate hike was approved by unanimous consent of all board members. This decision follows last month's big step of raising the rate by a half percentage points. This is the latest of the four back-to-back rate hikes the BOK has delivered since this April, a move it has made for the very first time since the policy rate system was introduced in 1999. As a result, the central bank has raised the key rate by a total of 1.5 percentage points in five steps. The Monetary Policy Board explained it decided to raise the rate due to continuing inflationary pressure, despite growing downside economic risks both at home and abroad. South Korea saw consumer prices jump 6.3 percent last month, the highest level since the 1998 financial crisis. Expected inflation inched down this month. But it is still staying in the four percent level, the highest since 2011. Predicting that inflation will likely continue to hover far above the target level, the Monetary Policy Board stressed the need to deliver more interest rate hikes. The BOK also raised its annual consumer price growth outlook for this year to 5.2 percent. the highest level since 1998. The central bank predicted that consumer prices will likely gain 3.7 percent next year, remaining on the upward track. According to the BOK on Thursday, the producer price index jumped 0.3 percent month on month, continuing the rising trend for the seventh straight month. The central bank lowered its economic growth outlook for this year to 2.6 percent from the previous projection of 2.7 percent released in May. It forecast that the South Korean economy will contract further next year, projections showing that it will grow just 2.1 percent.
The Bank of Korea has raised its policy rate by a quarter percentage points in an effort to rein in spiraling inflation. This is the first time the central bank has delivered a rate hike for the fourth straight time. It also predicted consumer prices will gain 5.2 percent this year, which is up 0.7 percentage points from its May projection at 4.5 percent.
[Pkg]
In the monthly meeting of its Monetary Policy Board on Thursday, the Bank of Korea decided to raise its benchmark rate by a 25 basis points to 2.5 percent. The rate hike was approved by unanimous consent of all board members. This decision follows last month's big step of raising the rate by a half percentage points. This is the latest of the four back-to-back rate hikes the BOK has delivered since this April, a move it has made for the very first time since the policy rate system was introduced in 1999. As a result, the central bank has raised the key rate by a total of 1.5 percentage points in five steps. The Monetary Policy Board explained it decided to raise the rate due to continuing inflationary pressure, despite growing downside economic risks both at home and abroad. South Korea saw consumer prices jump 6.3 percent last month, the highest level since the 1998 financial crisis. Expected inflation inched down this month. But it is still staying in the four percent level, the highest since 2011. Predicting that inflation will likely continue to hover far above the target level, the Monetary Policy Board stressed the need to deliver more interest rate hikes. The BOK also raised its annual consumer price growth outlook for this year to 5.2 percent. the highest level since 1998. The central bank predicted that consumer prices will likely gain 3.7 percent next year, remaining on the upward track. According to the BOK on Thursday, the producer price index jumped 0.3 percent month on month, continuing the rising trend for the seventh straight month. The central bank lowered its economic growth outlook for this year to 2.6 percent from the previous projection of 2.7 percent released in May. It forecast that the South Korean economy will contract further next year, projections showing that it will grow just 2.1 percent.
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