In a bid to fight inflation, the U.S. Federal reserve raised its key interest at the most aggressive pace since the 1980s after keeping the rate near zero while the Bank of Korea(BOK) marked up its key interest rate six consecutive times for the first time ever.

The Fed raised its key interest rate by 50 basis points in December after four consecutive 75-basis-point moves in June, July, September and November.

While slowing the pace of its rate hikes, the U.S. has continued to remain hawkish.

The BOK, on its part, continuously raised the nation’s benchmark interest rate to not only curb inflation but also narrow the gap with the Fed’s rate.

The central bank’s rate-setting monetary policy board raised the benchmark interest rate by 25 basis points to three-point-25 percent in late November. The committee's final rate hike of the year is an unprecedented sixth consecutive upward adjustment since April.

In August of last year, the BOK made the first adjustment to the rate in 15 months as it raised the key rate to zero-point-75 percent for the first time in almost three years.

The BOK is expected to keep marking up the benchmark rate for the time being given that the nation’s inflation rate remains in the five-percent range.

Photo : YONHAP News

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