Bank of Korea hikes key interest rate 25 bps to 5.25%
7th Aug 08, 10:43pm
by
The Bank of Korea has surprised investors by increasing its key interest rate by 25 basis points to 5.25% to fight inflation, which has risen to a 10 year high of 5.9% in recent months. The central bank has tightened monetary policy eight times since late 2005. The Reserve Bank of New Zealand cut its Official Cash Rate by 25 basis points last month to 8% as New Zealand's inflation rate is set to hit 5% in the September quarter.
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