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Nov 29, 8:04 PM EST

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SEOUL, South Korea (AP) -- South Korea's central bank has raised its key policy rate from a record low.

The Bank of Korea said Thursday its policymakers decided to increase the key rate by a quarter of a percentage point to 1.50 percent at its November meeting.

It was the bank's first rate hike since June 2011. Borrowing rates have steadily fallen during the past five years, reaching a record low of 1.25 percent in June 2016.

Thursday's rate hike was widely expected after third-quarter economic growth beat expectations.

Asia's fourth-largest economy is expected to post its fastest growth in three years this year as its exports have been surprisingly strong thanks to robust global demand for memory chips.

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