S.Korea central bank chief says raising interest rates possible in November

FILE PHOTO: FILE PHOTO: Bank of Korea Governor Lee Ju-yeol speaks during a news conference in Seoul, South Korea, November 30, 2017. REUTERS/Kim Hong-Ji/File Photo/File Photo

SEOUL (Reuters) – South Korea’s central governor on Friday said it may be possible for the Bank of Korea to raise base interest rates at its next review on Nov. 25.

“According to our own projections of where the economy is going, it won’t be too difficult to raise rates in November,” Lee Ju-yeol said at a parliamentary session, answering questions from lawmakers.

The Bank of Korea raised its policy rate by 25 basis points to 0.75% in August, the first hike in almost three years and the first major Asian central bank to shift away from pandemic-era monetary stimulus.

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