Money Talks

Bank of Korea hikes benchmark rate by 25 basis points to 1% | Money Talks

South Korea's central bank is leading the way for monetary authorities around the world in fighting inflation. It's raised interest rates despite concerns that higher borrowing costs may stifle a fragile economic recovery. The Bank of Korea raised its benchmark rate by 25 basis points to 1 percent. It's the second hike in as many meetings, and Governor Lee Ju-yeol says the central bank may do so again early next year. South Korea was the first major Asian economy to bring up borrowing costs since the pandemic as concerns grow about inflation. Consumer prices in South Korea rose 3-point-2 percent in October, the highest rate in a decade. G-D-P is still expected to grow 4 percent this year, but policymakers are worried that keeping rates low for too long might lead to unsustainable debt levels. Household debt in Asia's fourth-largest economy rose to 1-point-5 trillion dollars in the third quarter. That's more than 100 percent of G-D-P. For more, we spoke to Jeffrey Halley in Jakarta. He's a senior market analyst for the Asia Pacific region at OANDA.

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