The Bank of Korea delivered a surprise interest rate hike on Friday, judging that inflation poses a bigger threat to the economy than fallout from Europe’s debt crisis.
Hiking the benchmark rate by 0.25 percentage point from a record-low 2 percent, the BOK joined some of its peers in Asia in normalizing interest rates, as the region leads economic recovery out of the global financial crisis.
“Domestic economic activity is expected to continue on an upward track, even with the presence of overseas risk factors,” the BOK said in a statement released after the rate decision.
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| Bank of Korea Governor Kim Choong-soo chairs a monetary policy meeting at the BOK’s headquarters in Seoul on Friday. Park Hyun-koo/ The Korea Herald |
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