November 30, 2017 / 12:59 AM / a year ago

Bank of Korea raises interest rate for first time in six years, as expected

SEOUL, Nov 30 (Reuters) - South Korea’s central bank raised interest rates for the first time in more than six years on Thursday - a vote of confidence that the economy is growing well above trend and no longer needs crisis-level monetary settings.

The Bank of Korea’s Monetary Policy Board voted on Thursday to increase the benchmark interest rate to 1.50 percent from a record-low of 1.25 percent, a BOK official said without elaborating.

Eighteen of 21 economists polled by Reuters had predicted the BOK would raise rates on Thursday, while the three others saw rates on hold at the current record-low 1.25 percent.

Thursday’s decision was the bank’s last for this year. (Reporting by Cynthia Kim and Christine Kim; Editing by Eric Meijer)

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