S Korea raises interest rate for first time in 6yrs
South Korea on Thursday lifted interest rates for the first time in more than six years, citing a strong economic recovery, and possibly leading the way for similar actions from other Asian central banks.
The hike comes on the back of a series of upbeat readings on Asia's number four economy that have seen the Bank of Korea and International Monetary Fund lift their growth forecasts and despite an increasingly belligerent Pyongyang.
The BoK lifted borrowing costs to 1.5 percent, up 25 basis points and the first since June 2011, pointing to a "solid trend of domestic economic growth", adding there have been moderate improvements in private consumption and strong growth in exports.
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