S. Korea hikes interest rates for first time since before pandemic ...Middle East

SEOUL: South Korea on Thursday became one of the first major economies to hike interest rates following the coronavirus pandemic, as authorities try to rein in growing household debt and a frenzied housing market.The central Bank of Korea raised its key rate to 0.75% from a record low 0.5% — where it had been since May 2020 — with officials asserting the economy was experiencing a “sound recovery”.A few countries have begun to lift borrowing costs, among them Brazil, Russia, Chile and Mexico, and investors around the world are watching closely for when the US Federal Reserve will start to taper its huge stimulus programmes.It was its first rate rise since November 2018 and came as authoritie

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S. Korea hikes interest rates for first time since before pandemic ...Middle East

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