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Bank of Korea raises rates for first time since Nov 2017

Published 11/29/2018, 08:19 PM
Updated 11/29/2018, 08:20 PM
© Reuters. The logo of the Bank of Korea is seen in Seoul

SEOUL (Reuters) - South Korea's central bank raised its policy interest rate on Friday for the first time in a year in a widely expected move seen aimed at containing a boom in the property market.

The Bank of Korea's monetary policy committee increased the base rate , which applies to its seven-day repurchase agreement deals, by 25 basis points to 1.75 percent, a media official at the central bank announced without elaborating.

Governor Lee Ju-yeol is due to hold a news conference starting at 0220 GMT.

The decision, tipped by 15 out of 16 economists in a Reuters survey, marked the first tightening in policy since November last year and brought the benchmark rate to its highest level since mid-2015.

© Reuters. The logo of the Bank of Korea is seen in Seoul

Policymakers have been concerned about a property boom in the Seoul area and a surge in consumer finance, prompting various property restrictions.

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