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BOK devoted to “accommodative” despite one hike

2018.11.30 14:48:22 | 2018.11.30 16:13:18
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[Photo by Kim Jae-hoon]

[Photo by Kim Jae-hoon]

The Bank of Korea on Friday raised its policy rate for the first time in a year after sitting out four increases in the United States, but claims one hike does not suggest change in its “accommodative policy.”

The benchmark rate is now at 1.75 percent versus 2.0-2.25 percent in the U.S., but the Korean economy is not that critical to be swayed by a single hike, BOK chief Lee Ju-yeol said.

The decision was not unanimous as two among the seven-member board was against a hike, given the fragility in the economy and worsening outlook.

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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