BOK delivers 'preemptive' back-to-back hikes

The Bank of Korea on Thursday raised its benchmark interest rate for a second consecutive meeting, tightening monetary policy amid persistent inflationary pressures as chip-led growth outweighed expectations.

The Monetary Policy Board lifted the rate by 0.25 percentage point to 3 percent, following an increase of the same size in July.

The decision was backed by six of the seven board members, with only one-member dissenting.

The hawkish decision puts the base rate back to the 3 percent range fo