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MNI BRIEF: Bank Of Korea Hikes Policy Rate To 1% On Price View

MNI (Tokyo)

The central bank expects the economic recovery from the pandemic to continue.

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The Bank of Korea as expected on Thursday raised its policy interest rate to 1.00% from 0.75% amid persistent concern over the inflation rate, local news agencies reported.

The rate hike is the first since August, which was the first rate hike since November 2018, see: MNI STATE OF PLAY: Bank Of Korea Likely To Hike Key Rate To 1%.. South Korea's consumer price index rose 3.2% y/y in October for the highest level since January 2012.

The decision reflected the bank's view that the economy will not deviate from a recovery path despite the spread of coronavirus. Accumulated financial imbalances were also behind the rate hike. South Korea reported a new daily record of 4,116 new coronavirus cases on Tuesday.