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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Bank of Korea lifts rates, more raise seen in Q1 Reuters - Wednesday, November 17 Send IM Story Print * Base rate raised by 25 bps to 2.50 pct * C.bank chief says policy still accommodative * Further rate moves likely to be gradual-BOK chief * Next raise in Q1 2011: Reuters poll * Bonds rally as less tightening seen in longer term By Kim Yeon-hee and Yoo Choonsik SEOUL, Nov 16 - South Korea's central bank lifted interest rates on Tuesday and reinforced views more would come in months ahead, but its cautious language made investors scale back expectations on how far rates would go up in the longer run. Bond futures rallied and short-term rates fell as investors zoomed in on Bank of Korea Governor Kim Choong-soo's comments that future rate moves would be gradual given the still uncertain economic outlook. The central bank raised the 7-day repurchase agreement rate <KROCRT=ECI> to 2.50 percent, its second tightening since financial crisis following a quarter point increase in July from a record low of 2 percent. "Even though we raised interest rates today, the monetary policy stance still can be said to be accommodative," Governor Kim Choong-soo told reporters. "But now we are still in the process of recovering from the global economic crisis and, considering such uncertainties, we cannot move that much in a hurry," Kim added. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Graphics on inflation, policy interest rate http://link.reuters.com/mub65q Bank of Korea statements [ID:nTOE6AE04A] Analysts' comments [ID:nTOE6AE04I] Reuters snap poll [ID:nTOE6AF03F] SCENARIOS on expected capital controls [ID:nTOE6A4043] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> The widely expected 25-basis-point rate increase comes as the government is seen preparing measures to curb the inflow of hot money after the leaders from the Group of 20 major economies last week gave a nod to such efforts. [ID:nN11196971] "With on the table and available if required, today's rate hike suggest that the Bank of Korea is now more comfortable that it can focus on tackling inflation by continuing to normalise monetary policy," said Brian Jackson, analyst at Royal Bank of Canada in Hong Kong. South Korea's consumer and producer inflation hit two-year highs in October, with consumer inflation rate rising above the upper end of the Bank of Korea's 2-4 percent target range. South Korea's central bank has lagged some of its regional peers, such as Australia and India, in bringing rates back to pre-crisis levels, partly due to a surge in the won. Consequently, its benchmark rate has stayed below the inflation rate for the past one year. GRADUAL TIGHTENING SEEN A Reuters poll conducted after the rate review and the governor's news conference showed analysts expect another rate rise between January and March next year. But over the longer-term, investors scaled back expectations of how quickly rates would rise. Swap rates fell across the curve, with the spread on 1- and 3-year won swaps <KRWIRS> narrowing by 4 basis points to 46 points. The won <KRW=> ended local trade up 0.2 percent as traders spotted authorities buying dollars near the end of the session to stem the won's strength. Seoul's stock market index <.KS11> fell 0.8 percent on mostly domestic corporate events. Authorities have repeatedly intervened in foreign exchange markets this year to keep the won's gains in check. "Uncertainty surrounding global foreign exchange market conditions have eased significantly as a result of the agreement at the G20 summit," Kim told reporters, indicating he is now less worried about a steep appreciation in the won. Kim said the economy would sustain solid growth with both exports and domestic demand remaining on track, while inflation would stay above the middle of the central bank's target range. 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