The Bank of Korea convened its Monetary Policy Board on 27 August and decided to raise the policy rate by 0.25% to 3.0%. This marked a second consecutive rate hike following July.
The Bank of Korea convened its Monetary Policy Board on 27 August and raised the policy rate by 0.25% to 3.0%.
The benchmark rate is now at 3.0%, with the latest increase marking the second consecutive meeting at which rates have been raised, following July.
The decision indicates that rates were raised against the backdrop of South Korea's financial conditions and inflation trends.