Steep rate hike feared to deal further blow to borrowers
A sharper-than-expected rate hike in Korea is feared to deal a further blow to borrowers who have already been struggling with a snowballing amount of repayments. The Bank of Korea (BOK) carried out a second big-step rate hike, raising the benchmark interest rate by 50 basis points, Wednesday, sending the rate back to 3 percent for the first time since October 2012.