South Korea's central bank will deliver its first-ever 50 basis point rate rise to 2.25% on Wednesday, turning up the heat on a rate-hiking campaign as inflation tops a 24-year high and has yet to peak, a Reuters poll showed on Monday.
One of the first central banks to start raising rates, in August 2021, the Bank of Korea is still grappling with inflation, which reached 6.0% in June, the highest since November 1998 when an Asian financial crisis was in full swing.
The Korean won has been one of the worst performers in emerging markets this year, tumbling more than 8.5% and set to fall further. "A hawkish U.S. Fed, at a time when South Korea's position is under pressure, also supports the case for more aggressive tightening," said Tan, who is going for a 50 basis point move on Wednesday.
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