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Bank of Korea to hike rates by historic 50 bps – Reuters poll

South Korea’s central bank will deliver its first-ever 50 basis point rate rise to 2.25% on Wednesday, turning up the heat on a rate-hiking campaign as inflation tops a 24-year high and has yet to peak, a Reuters poll showed on Monday. One of the first central banks to start raising rates, in August 2021, the Bank of Korea is still grappling with inflation, which reached 6.0% in June, the highest since November 1998 when an Asian financial crisis was in full swing. To arrest further price rises and cushion a falling currency, 27 of 32 economists in a July 4-8 Reuters poll expected the BoK to go for an unprecedented half-point hike on July 13.

NerdWallet: For small businesses, rising rates are leading to lower optimism. Here are 7 things they should do now to survive.

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