Views: 3 Author: Site Editor Publish Time: 2021-08-27 Origin: Site
Less than 24 hours before the Jackson Hole central bank annual meeting, the Bank of Korea suddenly announced a 25 basis point increase in interest rates to 0.75%. The last interest rate change in Korea was in May last year, when it was hit by 25 basis points by COVID-19. The Bank of Korea said in its announcement on Tuesday that the total household credit range surged 10.3% year-on-year to 1806 trillion won (1.54 trillion US dollars). The increase of 169 trillion won is the largest since the data were available in 2003. In the second quarter, the credit scope increased by 41.2 trillion won month on month, the largest month on month increase in the same period.