South Korean central bank with an unexpected rate hike, up 25bps to 1.5%

An on hold decision was the consensus. Rate hike instead.

Its benchmark rate is now at its highest since August 2019. Today’s hike comes to combat surgiung inflation which is circa 4% vs. the BoK target of 2%.

There will be a BoK press conference to follow at 0220 GMT.

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