Tuesday, February 27, 2024
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Bank of Korea raises key interest rate to 2.50% from 2.25% as expected

The Bank of Korea said its Monetary Policy Committee raised its key interest rate to 2.50% from 2.25% as expected.

The central bank raised key interest rates on Thursday to control inflation and prevent capital outflows as the Federal Reserve prepares for further rate hikes.

The Bank of Korea raised its 2022 CPI forecast to 5.2% from 5.2% to 4.5% in May, and lowered its 2022 GDP forecast to 2.6% from 2.7%.

All but one of 36 analysts polled by Reuters expect the bank to raise rates by 25 basis points, while one expects a half-point hike point.

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