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Bank of Korea raises rates, to not much surprise

  • Regular
  • Asian Market
  • 3 months ago
  • 65

In a rather expected move the Bank of Korea has, for the first time this year, raised interest rates.

No surprise should come as it is trying to contain the property boom in various parts of the country.

The BOK raised its rates by 25 basis points to 1.75 and Governor Lee Ju-Yurok is expected to give a press conference later today.

 

The timing of the hike has been partly due to an unbalanced global market situation, as Daishin Securities strategist Kong Dong-Rak put it ,”Given the global uncertainties that we've had of late, I think the central bank chose the best timing.”

The reaction to the news was rather modest, Seoul’s index was down 0.1% and futures bonds down by 0.03 points.

 

 

 

 

 

Source: Smart Trend Team