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Bank of Korea raises interest rates by 25 basis points to 3% for the second consecutive meeting to combat persistent inflation.
The Bank of Korea's monetary policy board on Thursday raised the benchmark interest rate by 0.25 percentage points to 3%, the second consecutive hike of the same magnitude since July. The move aims to combat persistent inflationary pressures driven by income growth from the semiconductor boom. South Korea's real gross domestic product (GDP) grew by 0.6% quarter-on-quarter in the second quarter.
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