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BOK Raises Key Interest Rate to 3%

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2011-03-10

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The Bank of Korea has raised its key interest rate by a quarter of a percentage point to 3 percent as the country battles growing inflationary pressure.
Following a monthly policy meeting Thursday morning‚ central bank officials announced that the rate was increased in an attempt to rein in soaring consumer prices.
Consumer prices spiked 4.1 percent and 4.5 percent on-year in January and February‚ respectively‚ surpassing the BOK's upper limit of 4 percent.
Even more‚ core prices‚ which exclude volatile prices such as oil‚ agricultural‚ livestock and fisheries products‚ rose by more than 3 percent last month from a year earlier.
[Interview : Kim Choong-soo‚ Governor
Bank of Korea] "A rise in raw material prices has been reflected in product prices. Especially‚ with the rise in personal service fees leading to the increase in the core inflation rate. And inflation expectations have also grown compared to the previous month."
BOK Governor Kim Choong-soo hinted at a rate hike during a meeting at the National Assembly Wednesday adding that consumer prices are expected to rise by more than 4 percent in March as well.
Some said uncertainties inside and outside the country‚ such as the ongoing political unrest in North Africa and the Middle East and the spread of foot-and-mouth disease‚ could slow down economic growth in Korea if the central bank raises its benchmark interest rate.
However‚ it was not enough to outweigh the pressure to tame inflation.
[Interview : Kang Joong-koo‚ Managing Senior Economist
LG Economic Research Institute
] "If the benchmark interest rate was at a higher level than now‚ these uncertainties would have been considered greatly. However‚ as the price instability was severe recently and the seven-day repurchase rate is very low I think the BOK concluded that the cost of a rate hike would not be that big."
[Reporter : Eoh Jin-joo ed:mark
jjeoh@arirang.co.kr] "The finance ministry has welcomed the rate hike saying that the BOK has taken the right step. Government officials say that as consumer prices in Korea are being affected not only by supply shock but also by demand pressure‚ Thursday's decision will eventually help stabilize prices in the country.
Eoh Jin-joo‚ Arirang News."
Reporter : jjeoh@arirang.co.kr

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