BOK hikes rates for first time in 3-1/2 years, signals more

South Korea's central bank has increased its benchmark interest rate for the first time in three years. This move aims to stabilize the currency and counter rising inflationary pressures.

The bank anticipates further tightening of monetary policy in the coming months. Economic growth is expected to significantly exceed previous forecasts this year.

Analysts predict at least one more rate hike before the year concludes.