"South Korea's central bank raised its key interest rate for the second time in three months Thursday as it steps up efforts to control inflation that has risen to its highest level in more than two years. The Bank of Korea lifted its benchmark base rate to 3 percent from 2.75 percent ... The rate influences a variety of borrowing costs in South Korea, including those on overnight loans between financial institutions and more broadly on items such as mortgage and credit card debt." (Quoted from article)