(3rd LD) BOK delivers back-to-back rate hike to 3 pct, revises up 2026 forecast to 3.3 pct
SEOUL, Aug. 27 (Yonhap) -- The Bank of Korea (BOK) raised the benchmark rate by ...
SEOUL, Aug. 27 (Yonhap) -- The Bank of Korea (BOK) increased the benchmark interest rate by a quarter-point for the second consecutive meeting on Thursday to combat surging inflation. The Monetary Policy Board hiked the key rate to 3 percent, the highest level since January 2025. This was the first rate hike in 3.5 years, following a 0.25 percentage point increase in July.
The central bank's decision comes as recent government data showed that consumer prices rose 2.8 percent in July from a year earlier, still above the BOK's 2 percent target, though it marked a slight improvement from the previous month.
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