BOK raises rate to 3%, lifts growth forecast

The Bank of Korea on Thursday raised its benchmark interest rate for a second consecutive meeting, pressing ahead with monetary tightening amid persistent inflationary pressures.

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

Thursday’s decision came amid strong inflationary pressure fueled by rising incomes from the semiconductor boom.

Real gross domestic product grew 0.6 percent in the second quarter from the pre