Business & Finance
South Korea raises key rate to 3.25pc
SEOUL: South Korea's central bank Friday raised the key interest rate by 25 basis points to 3.25 percent in a move t
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SEOUL: South Korea's central bank Friday raised the key interest rate by 25 basis points to 3.25 percent in a move to curb inflationary pressure.
The June rate rise, the third this year, came despite data suggesting the economic recovery is slowing at home and abroad.
The Bank of Korea had unexpectedly frozen the rate in May for the second consecutive month, citing economic uncertainties such as unstable oil prices and the eurozone debt crisis.
The bank has now increased the borrowing costs by a combined 1.25 percentage points in five steps since July last year.
Copyright AFP (Agence France-Presse), 2011
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