South Korea Raises Interest Rates

For the first time since August 2008, South Korea's central bank raised the interest rates by 25 basis points from a record low of 2%, reports the South China Morning Post.


Analysts interviewed by the Post predict the Bank of Korea to hike rates another 50 basis points by the end of the year.


Bank of Korea governor Kim Choong-soo is confident that the global economy would continue to grow, but points to Europe's debt crisis as the main threat to growth.

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