The Bank of Korea raises its base interest rate...the interest rate gap with the U.S. also decreases to 1%p for the first time in three and a half years.
⚡ Quick Summary
Bank of Korea Governor Shin Hyun-song is speaking at a press conference on monetary policy direction of the Monetary Policy Committee held at the Bank of Korea in Jung-gu, Seoul on the 16th.
Bank of Korea Governor Shin Hyun-song is speaking at a press conference on monetary policy direction of the Monetary Policy Committee held at the Bank of Korea in Jung-gu, Seoul on the 16th. Reporter Jaewon Moon The Bank of Korea's Monetary Policy Committee raised the base interest rate by 0.25 percentage points from 2.5% to 2.75% on the 16th. This is the first interest rate increase in 3 years and 6 months since January 2023. The Monetary Policy Committee said, “We will continue the trend of raising the base interest rate,” and hinted at additional increases within the year.
🗞️ 4 sources covered this story
Although the base interest rate was raised, concerns about ‘consecutive increases in July and August’ were alleviated and government bond interest rates fell (comprehensive)
Yonhap
Treasury bond interest rates fall all at once... 3-year bond annual rate of 3.848%
Yonhap
Governor of the Bank of Korea: “Even if stock volatility is high, the risk to the financial system is not high.”
Yonhap
