Central banks in South Korea and Singapore say they are tightening monetary policy to tame inflation. They join others around the world in acting against the fallout from the situation in Ukraine.
The Bank of Korea decided on Thursday to raise the benchmark interest rates by 0.25 points to 1.5 percent.
It is the fourth rate hike since last August.
Consumer prices in South Korea jumped 4.1 percent last month from a year before. BOK officials say they expect inflationary pressure to persist longer than previously thought.
The Monetary Authority of Singapore also announced on Thursday it was tightening policy.
The MAS manages policy through exchange-rate settings rather than interest rates. Officials decided to allow the Singapore dollar to strengthen to curb price hikes of imported goods.
The central bank in Canada also announced a rate hike on Wednesday. Its key rate was increased by half a percentage point - the biggest single move in more than two decades.
The Bank of Korea decided on Thursday to raise the benchmark interest rates by 0.25 points to 1.5 percent.
It is the fourth rate hike since last August.
Consumer prices in South Korea jumped 4.1 percent last month from a year before. BOK officials say they expect inflationary pressure to persist longer than previously thought.
The Monetary Authority of Singapore also announced on Thursday it was tightening policy.
The MAS manages policy through exchange-rate settings rather than interest rates. Officials decided to allow the Singapore dollar to strengthen to curb price hikes of imported goods.
The central bank in Canada also announced a rate hike on Wednesday. Its key rate was increased by half a percentage point - the biggest single move in more than two decades.
Similar Readings (5 items)
Indonesia, Thailand raise rates to tame inflation
South Korea’s Inflation Slows, Offering Relief for Central Bank
South Korea's central bank cuts key rate for first time since 2020
ECB and BOE raise key interest rates
Bank of England again raises key interest rate by 0.5%
Summary
Central banks in South Korea, Singapore, and Canada have announced monetary policy tightening to combat inflation: Bank of Korea increased interest rates by 0.25 points, marking the fourth rate hike since last August; Consumer prices in South Korea rose 4.1% year-on-year; Monetary Authority of
Statistics
159
Words1
Read CountDetails
ID: 625809d9-76f0-4d86-9273-1328c0a80b98
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20220414_32/
Date: April 14, 2022
Created: 2022/04/14 20:47
Updated: 2025/12/09 16:59
Last Read: 2022/04/14 20:47