Bank of Korea board members consider more rate hikes, minutes show

SEOUL, Aug 4 : Board members of South Korea's central bank said they would carefully determine the timing and pace of any further policy tightening, with some suggesting preemptive action, when they raised interest rates at their last meeting on July 16 to control inflation, the minutes showed on Tuesday. The Bank of Korea's seven-member monetary policy board decided unanimously to raise interest rates last month for the first time in 3-1/2 years and flagged more to come, as brisk growth in Asia's fourth-largest economy fanned inflation risks.One member assessed that "the current rate increase alone was unlikely to be sufficient to bring inflation back to target and that the Base Rate would therefore need to be raised further in line with the projected paths for growth and inflation," acco