Bloomberg has reported that the ​Bank of Korea(BOK) appears poised to raise its policy rate by half a percentage point for the first time ever in July to tame inflation and shore up the local currency.

The financial news outlet cited trader expectations signaled by market rates to calculate that, as of Monday, South Korea’s implied policy rate in six months will be around three percent.

With the current rate set at one-point-75 percent, the report said this indicates that the central bank may increase rates by 50 basis points once and by 25 basis points three times at its four remaining meetings this year.

The BOK has never raised rates by 50 basis points since interest rates became its primary policy tool in 1999.

Bloomberg said such an "outsized move" would echo other central banks, including the U.S. Federal Reserve and the Reserve Bank of Australia, which are all seeking to control runaway inflation with bigger-than-expected hikes.

A steep rate hike could also help stem losses in the Korean won, which has dropped to a 13-year low.

South Korea’s inflation rate surged five-point-four percent on-year in May, the fastest growth since August 2008.