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The Bank of Korea (BoK) kept its key policy rate unchanged today (November 30) and signalled it may need to keep interest rates high into mid- 2024 to curb inflation. In a unanimous decision, the central bank’s seven-member monetary policy board kept the base rate at 3.5% for the seventh straight meeting. It has raised the rate by 300 basis points since August 2021.
The central bank also raised its inflation forecasts for this year from 3.5% to 3.6%, and next year’s projections from 2.4% to 2.6
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