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MNI STATE OF PLAY: S. Korea Cenbank To Hike To 1.75% On Prices

(MNI) Tokyo
TOKYO (MNI)

April CPI data rose to 4.8%, well above the target.

The Bank of Korea is expected to raise its policy interest rate to 1.75% from 1.50% on Thursday, putting its top priority on curbing inflation over concerns of a slower economy, observers said.

“A 25 basis point rate hike is expected this week, although the new governor indicated a 50 basis point rate hike,” Kota Hirayama, senior economist in charge of emerging economies at SMBC Nikko Securities, said. In his first policy review as governor, Rhee Chang-yong had made it clear in his confirmation that he is focused on inflation, but he has said he is flexible on monetary policy direction.

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The Bank of Korea is expected to raise its policy interest rate to 1.75% from 1.50% on Thursday, putting its top priority on curbing inflation over concerns of a slower economy, observers said.

“A 25 basis point rate hike is expected this week, although the new governor indicated a 50 basis point rate hike,” Kota Hirayama, senior economist in charge of emerging economies at SMBC Nikko Securities, said. In his first policy review as governor, Rhee Chang-yong had made it clear in his confirmation that he is focused on inflation, but he has said he is flexible on monetary policy direction.

Keep reading...Show less