South Korea Interest Rate  1999-2016 | Data | Chart | Calendar | Forecast

South Korean Monetary Policy Committee decided to leave its base rate steady for the third straight month at record low of 1.25 percent at its September meeting, as widely expected. While forecasting that consumer prices will remain at a low level for the time being, policymakers said they will closely monitor the trend of increase in household debt and potential changes in the monetary policies of major countries. Interest Rate in South Korea averaged 3.43 percent from 1999 until 2016, reaching an all time high of 5.25 percent in October of 2000 and a record low of 1.25 percent in June of 2016. Interest Rate in South Korea is reported by the The Bank of Korea.

South Korea Interest Rate
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Actual Previous Highest Lowest Dates Unit Frequency
1.25 1.25 5.25 1.25 1999 - 2016 percent Daily
In South Korea the interest rates decisions are taken by the Bank of Korea’s (BOK) Monetary Policy Committee. The official interest rate is the Bank of Korea Base Rate which was changed from overnight call rate on March 2008. This page provides - South Korea Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea Interest Rate - actual data, historical chart and calendar of releases - was last updated on September of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-07-14 01:00 AM Interest Rate Decision 1.25% 1.25% 1.25% 1.25%
2016-08-11 01:00 AM Interest Rate Decision 1.25% 1.25% 1.25% 1.25%
2016-09-09 01:00 AM Interest Rate Decision 1.25% 1.25% 1.25% 1.25%
2016-09-27 07:00 AM BoK MP Meeting Minutes
2016-10-13 01:00 AM Interest Rate Decision 1.25% 1%
2016-11-11 01:00 AM Interest Rate Decision 1%

Bank of Korea Holds Base Rate Steady for 3rd Month


South Korean Monetary Policy Committee decided to leave its base rate steady for the third straight month at record low of 1.25 percent at its September meeting, as widely expected. While forecasting that consumer prices will remain at a low level for the time being, policymakers said they will closely monitor the trend of increase in household debt and potential changes in the monetary policies of major countries.

Excerpts from the statement by the Bank of Korea:

Looking at the Korean economy, exports have increased slightly on the effects of transitory factors, and domestic demand activities appear to have continued their improvements while the sentiments of economic agents have improved somewhat. On the employment front, as the number of persons employed has increased, the employment-to-population ratio rose and the unemployment rate fell in July compared to those in July of last year. The Board forecasts that the domestic economy will sustain its trend of modest growth going forward, owing chiefly to expansionary macroeconomic policies, but in view of economic conditions domestically and abroad judges the uncertainties surrounding the growth path to be high.

Consumer price inflation fell from 0.7 percent the month before to 0.4 percent in August, owing chiefly to the effect of a temporary cut in electricity fees. Core inflation excluding agricultural and petroleum product prices also declined to 1.1 percent, from 1.6 percent in July. In the housing market, the upward trends of sales and leasehold deposit prices have continued. Looking ahead the Board forecasts that consumer price inflation will remain at a low level for the time being, and then gradually rise due to the disappearance of the effect of the temporary electricity fee reduction and the weakening influence of the low oil prices.

In the domestic financial markets since August, stock prices have risen as foreigners’ stock investment funds have recorded net inflows in line with continued risk-taking tendencies globally. Long-term market interest rates and the Korean won-US dollar and Korean won-Japanese yen exchange rates have fallen, after having previously risen, affected mainly by changes in the expectations of a policy rate hike by the US Federal Reserve. Household lending has sustained a trend of substantial increase at a level exceeding that of recent years, led by mortgage loans.

Looking ahead, the Board will conduct monetary policy so as to ensure that the recovery of economic growth continues and consumer price inflation approaches the target level over a medium-term horizon, while paying attention to financial stability. In this process it will closely monitor the trend of increase in household debt, any changes in the monetary policies of major countries, and the progress of corporate restructuring.


Bank of Korea l Rida Husna | rida@tradingeconomics.com
9/9/2016 3:55:20 AM

South Korea Money Last Previous Highest Lowest Unit
Interest Rate 1.25 1.25 5.25 1.25 percent [+]
Interbank Rate 1.31 1.31 6.14 1.27 percent [+]
Money Supply M0 81805100.00 80666500.00 81805100.00 11200.00 KRW Million [+]
Money Supply M1 736685.80 736294.50 736685.80 260.40 KRW Billion [+]
Money Supply M2 2355280.50 2329887.40 2355280.50 590.60 KRW Billion [+]
Money Supply M3 3255052.50 3223360.60 3255052.50 57007.90 KRW Billion [+]
Foreign Exchange Reserves 375460.00 371380.00 375460.00 564.50 USD Million [+]
Loans to Private Sector 7508821.00 7489175.00 7508821.00 2603700.00 KRW Hundred Million [+]
Deposit Interest Rate 1.80 2.54 19.50 1.80 percent [+]
Central Bank Balance Sheet 474271.50 472977.20 510090.10 310.30 KRW Billion [+]




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