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

The Bank of Korea left its base rate steady for the fifth straight month at record low of 1.25 percent at its November meeting, as expected. While forecasting consumer prices in the economy will gradually rise, mainly due to the weakening influence of the low oil prices, policymakers said they will closely monitor the uncertainties in domestic and external conditions, any changes in the monetary policy of the US Federal Reserve, and the trend of increase in household debt. Interest Rate in South Korea averaged 3.40 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.

South Korea Interest Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-09-09 01:00 AM Interest Rate Decision 1.25% 1.25% 1.25% 1.25%
2016-10-13 01:00 AM Interest Rate Decision 1.25% 1.25% 1.25% 1.25%
2016-11-11 01:00 AM Interest Rate Decision 1.25% 1.25% 1.25% 1.25%
2016-12-15 01:00 AM Interest Rate Decision 1.25% 1.25%
2017-01-14 01:00 AM Interest Rate Decision
2017-02-16 01:00 AM Interest Rate Decision




South Korea Leaves Monetary Policy Unchanged


The Bank of Korea left its base rate steady for the fifth straight month at record low of 1.25 percent at its November meeting, as expected. While forecasting consumer prices in the economy will gradually rise, mainly due to the weakening influence of the low oil prices, policymakers said they will closely monitor the uncertainties in domestic and external conditions, any changes in the monetary policy of the US Federal Reserve, and the trend of increase in household debt.

Excerpts from the statement by the Bank of Korea:

Looking at the Korean economy, exports have continued their trend of decline while the improvements in domestic demand activities appear to have weakened a bit. On the employment front, the employment-to-population ratio in October was slightly higher than that in October of last year, as the number of persons employed increased. The unemployment rate meanwhile rose somewhat. The Board forecasts that the domestic economy will sustain its trend of modest growth going forward, in line with  a recovery of the global economy, but in view of recent changes in domestic and external conditions judges the uncertainties surrounding the growth path to have increased further.

Consumer price inflation rose from 1.2 percent the month before to 1.3 percent in October, owing chiefly to the expiration of a temporary cut in electricity fees. Core inflation excluding agricultural and petroleum product prices also rose to 1.5 percent, from 1.3 percent in September. In the housing market, the extents of increase in sales and leasehold deposit prices have expanded, centering around the Seoul area. Looking ahead the Board forecasts that consumer price inflation will gradually rise, due mainly to the weakening influence of the low oil prices.

In the domestic financial markets since October, influenced mainly by strengthened expectations of a policy rate hike by the US Federal Reserve, and by the result of the  US presidential election, long-term market interest rates and the Korean won-US dollar exchange rate have risen to large extents and stock prices have declined. The Korean won-Japanese yen exchange rate has fallen slightly. 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. 


Bank of Korea l Rida Husna | rida@tradingeconomics.com
11/11/2016 1:57:54 AM



South Korea Money Last Previous Highest Lowest Unit
Interest Rate 1.25 1.25 5.25 1.25 percent [+]
Interbank Rate 1.60 1.62 6.14 1.27 percent [+]
Money Supply M0 84090300.00 81702900.00 84090300.00 11200.00 KRW Million [+]
Money Supply M1 750806.60 759706.00 759706.00 260.40 KRW Billion [+]
Money Supply M2 2385107.20 2388021.80 2388021.80 590.60 KRW Billion [+]
Money Supply M3 3305297.10 3286555.90 3305297.10 57007.90 KRW Billion [+]
Foreign Exchange Reserves 371990.00 375170.00 377770.00 564.50 USD Million [+]
Loans to Private Sector 7573271.00 7526782.00 7573271.00 2603700.00 KRW Hundred Million [+]
Deposit Interest Rate 1.80 2.54 19.50 1.80 percent [+]
Private Debt To Gdp 255.78 253.50 255.78 237.39 percent [+]
Central Bank Balance Sheet 474417.50 474550.10 510090.10 310.30 KRW Billion [+]



South Korea Interest Rate Notes

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 December of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
1.25 1.25 5.25 1.25 1999 - 2016 percent Daily



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