It was the first time that the Bank of Korea (BOK) hiked its key rate by half a percentage point, and marked the third consecutive hike this year after the central bank lifted the rate by 25 basis points in April and in May.
The BOK set off its tightening monetary policy since August last year.
The Wednesday rate hike was in line with market expectations. According to the Korea Financial Investment Association survey of 100 fixed-income experts, 99 percent predicted the rate increase this month.
The survey showed that 64 percent of respondents expected a 50-bp rate hike.
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