Bank of Korea raises rate to 3% amid inflation, growth
Business
The Bank of Korea just raised its main interest rate to 3%. That's the second hike in a row.
Why? Inflation is still higher than it would like (2.8% in July), and the economy is growing faster than expected.
The central bank raised rates by 25 basis points to 3.0% amid stronger-than-expected growth and persistent inflationary pressures.
South Korea's semiconductor exports surge
Thanks to a global rush for AI chips, South Korea's semiconductor exports are booming. Big players like Samsung Electronics and SK hynix saw profits jump last quarter.
The central bank bumped up its growth forecasts for this year and next.
But Heads up: higher rates could make loans pricier for everyone, even as the country rides this tech wave.