S.Korea's central bank raises rates to 1.75%, as widely expected

South Korea's central bank raised its policy rate on Thursday in a second consecutive meeting, as largely expected, to wrestle consumer inflation down from 13-year highs.

The Bank of Korea's Monetary Policy Board voted to raise the benchmark interest rate by a quarter of a percentage point to 1.75%, an outcome all but one of the 28 analysts polled by Reuters foresaw.

Governor Rhee Chang-yong will hold a news conference at 0210 GMT.

Also Read: Biden, South Korea's Yoon to meet amid worries about North Korea

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)