BOK lifts base rate in first hike in over 3 years

South Korea's central bank raised its benchmark interest rate for the first time in more than three years on Thursday, as stronger-than-expected economic growth gave policymakers room to address mounting inflation pressures.

The Bank of Korea's monetary policy board voted unanimously to raise the benchmark rate by 0.25 percentage points to 2.75 percent, ending a yearlong pause in its policy cycle.

The move marked the BOK's first rate hike since January 2023, when it raised borrowing costs to cur ...