Six policymakers vote for rate hike in August

SEOUL, Sept. 23 (Yonhap) -- Six out of seven policymakers at the Bank of Korea
(BOK) voted to raise the key interest rate for August to curb rising inflation
expectations, the central bank's minutes showed Tuesday.
In a rate-setting meeting on Aug. 7, the BOK raised the key rate by a quarter
percentage point to 5.25 percent, the first increase in a year.
"Although a rate hike and a rate freeze both have risks, considering the prime
task of the central bank, the BOK should put its priority on controlling
inflation," one member said.
According to the minutes, only one member, Kang Myung-hun, argued that the BOK
should leave the rate unchanged at 5 percent, arguing a hike would sharply cool
economic growth and have a limited impact on curbing inflation.