[Photo] Bank of Korea raises interest rate to 1.5%

The Monetary Policy Committee of the Bank of Korea raised the benchmark interest rate to 1.5% on Nov. 30 from its record low rate of 1.25%. The increase marked the first time in six years that the Bank raised the interest rate, signaling a policy of monetary tightening as a result of the country’s export-driven economic recovery. The decision puts an end to the unprecedented era of low interest rates, which lasted for the past 17 months, since June 2016.