Bank of Korea Implements Consecutive Rate Increases to Tackle Rising Inflation

Although exports are expanding, small businesses face mounting challenges.

On August 27, South Korea’s central bank enacted its first consecutive interest rate increase since January 2023. (Photo credit: Mayumi Tsumita)

Steven Borowiec

August 27, 2026, 11:37 JST

SEOUL — South Korea’s central bank lifted its benchmark rate for a second straight meeting on Thursday, aiming to curb inflationary pressures while anticipating faster economic growth.

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