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Bank of Korea raises key rate to 3.5 percent

The Bank of Korea (BOK) took a baby step, Friday, increasing its key rate by 25 basis points to 3.5 percent as the economy still comes under inflationary pressure. โ€œPrices are still at a high level, and are forecast to hover above our target range for a considerable amount of time,โ€ BOK Governor Rhee Chang-yong said. โ€œDespite the possibility that the 2023 GDP growth here could be lower than our earlier forecast of 1.7 percent, we pushed for the rate hike to stabilize prices.โ€
Soult Ukpyolsi South Korea Suh Jeong Seok Kim Dae Jong Rhee Chang Yong Sejong University

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