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The Bank of Korea (BOK) raised its benchmark policy rate (KROCRT=ECI) to 3.25% on Thursday, the highest level since 2012, after delivering a half-percentage point hike in October.
The BOK is in the midst of its most aggressive policy tightening on record, having been a front-runner in withdrawing pandemic-era stimulus in the region when it started raising interest rates in August 2021.
Since then, it has raised rates by a total of 275 basis points, delivering bigger 50-basis-point rate hikes for the first time since the current monetary framework was introduced in 1999.
The central bank aims to keep inflation at 2%.
The slowdown in the tightening pace has also been facilitated by a rebound in the local currency.
SEOUL, Nov 16 (Reuters) - South Korea's housing prices fell at the sharpest rate in at least 19 years in October, adding to expectations the nation's central bank will slow its pace of interest rate hikes in the coming weeks.
In the capital Seoul, apartment prices declined 1.24%, the fastest since December 2008, extending losses to a ninth straight month.
The national index for apartment transaction prices dropped 7.13% during the January-September period, on track for the biggest annual decline since that data was introduced in 2006.
Analysts expect only one or two more interest rate hikes by the Bank of Korea for the remainder of this year and 2023 to take the terminal rate to 3.25% or 3.50%.
South Korea's household debt-to-GDP ratios stood at 102.2% in the second quarter, data of 35 major economies from the Institute of International Finance showed.
SEOUL, Oct 31 (Reuters) - Across South Korea, events such as autumn foliage festivals and K-Pop concerts are canceled, and grief-stricken communities are putting off gatherings after a Seoul crowd crush killed at least 154 people, threatening to crimp growth further.
Universities have canceled weekend retreats known as MTs, and the opening event of the two-week Korea Sale Festa, the Korean version of the Black Friday, was called off.
South Korea's southern resort island of Jeju called off the Jeju Olle Walking Festival, scheduled from Nov 3 to 5.
The Korea Baseball Organization and Korea Volleyball Federation both said there won't be cheerleaders during its championship series.
South Korea's economic growth already decelerated last quarter in response to slowing exports and a weakening currency.