October 12, 2022. The Bank of Korea has taken a ‘big step’ with an interest rate hike of 0.5 percentage points. This means that the base interest rate has gone from 2.50% to 3%. This is the first time in 10 years, since October 2012, that it has reached the 3% level. The two big increases this past July and now are both in response to the ongoing inflation levels that are predicted to continue. The consumer price index (108.93) in September has risen 5.6% since the same month last year. The widening base interest rate gap between Korea and the United States, the KRW-USD exchange rate, and the risk […]