The Central Bank of South Korea raised the benchmark interest rate to 3.50 percent.
The Central Bank of South Korea (BoK) kept its interest rate hikes at the level of expectations to curb high inflation.
According to the statement made by the bank, the benchmark interest rate increased from 3.25% to 3.50%. The market expectation was that there would be an increase in interest rates by 25 basis points.
The bank had increased the interest rate by 25 basis points in its previous meeting. Inflation in the country was announced as 5.0 percent at the latest.