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Bank of Korea warns inflation bigger risk than slowing growth

In debut, Gov. Rhee's board raises benchmark quarter point to 1.75%

South Korea's new central bank governor, Rhee Chang-yong, attends his inauguration ceremony in Seoul on April 21.   © Reuters

SEOUL -- South Korea's central bank continued to tighten policy in the face of soaring inflation, raising its key interest rate by 25 basis points, or one quarter percentage point, to 1.75% on Thursday.

The Bank of Korea's (BOK) second straight rate hike came in the first meeting under the bank's new governor, Rhee Chang-yong, who was previously the International Monetary Fund's former Asia-Pacific director and took the helm of the bank last month.

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