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5/26, 5:41 AM (Source: TeleTrader)
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S. Korean central bank raises interest rate to 1.75%

South Korea's Bank of Korea (BOK) announced on Thursday that it has decided to raise the key interest rate by 25 basis points to 1.75%.

BOK also pointed out that the country's yearly gross domestic product (GDP) is projected to be "at the upper 2% level," as the national consumer price inflation rose "significantly to the upper 4% level" due to the accelerating price increase of petroleum and industrial products, as well as a jump in electricity and gas fees.

Yesterday, the South Korean defense chief spoke on the phone with his American counterpart after North Korea was accused of firing ballistic missiles into the Sea of Japan, with the two sides discussing strategic asset deployment as well as reactivating deterrence dialogue.

Baha Breaking News (BBN) / SP