South Korea raises interest rates for the first time in over three years

The South Korean Central Bank raised its key interest rate for the first time in over three years, from 2.5% to 2.75%, in an effort to combat inflation that has risen due to the escalation of the Middle East war and pressures on household debt. This increase followed a strong economic performance supported by gains in semiconductor exports, as inflation exceeded 3% in May and June, influenced by rising energy costs and a weakening local currency.

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