South Korea: Bank of Korea slows rate hike pace as expected

The Bank of Korea – South Korea’s central bank – announced that it has raised interest rates by 25 basis points to 3.25%. The monetary tightening was less intense than the previous one, as expected, in a context of slowdown in South Korean GDP growth. In October, inflation measured by the consumer price index in South Korea rose by 5.7%, well above the 2% target of the central bank led by Governor Rhee Chang-yong.