South Korea Interest Rate 1999-2015 | Data | Chart | Calendar | Forecast

The benchmark interest rate in South Korea was last recorded at 1.50 percent. Interest Rate in South Korea averaged 3.56 percent from 1999 until 2015, reaching an all time high of 5.25 percent in October of 2000 and a record low of 1.50 percent in June of 2015. 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
1.50 1.50 5.25 1.50 1999 - 2015 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. Content for - South Korea Interest Rate - was last refreshed on Friday, September 4, 2015.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-06-11 02:00 AM Jun 1.5% 1.75% 1.5% 1.75%
2015-07-09 02:00 AM 1.5% 1.5% 1.5% 1.5%
2015-08-13 02:00 AM 1.5% 1.5% 1.5% 1.5%
2015-09-11 02:00 AM 1.5% 1.5%
2015-10-15 02:00 AM 1.25%
2015-11-12 01:00 AM 1.25%


Bank of Korea Holds Base Rate Steady at 1.5%


South Korean Monetary Policy Committee decided to leave the base rate unchanged at record low of 1.5 percent at its August 13th meeting. While forecasting the economy to gradually recover going forward, policymakers judged the uncertainties surrounding the growth path to be high.

Excerpts from the statement by the Bank of Korea:

Based on currently available information the Committee considers that the trend of economic recovery in the US has been sustained, and that the improvements in the euro area have continued as well. Economic growth in emerging market countries including China has meanwhile continued to slow. The Committee forecasts that the global economy will sustain its modest recovery going forward, centering around advanced economies such as the US, but judges that the possibility exists of its being affected by heightened international financial market volatility due to a shift in the US Federal Reserve’s monetary policy and to the devaluation of the Chinese yuan, and by the weakening of economic growth in emerging market countries.

Looking at the Korean economy, exports have continued their trend of decline but consumption and the sentiments of economic agents, after having contracted due mainly to the shock from the Middle East Respiratory Syndrome (MERS) outbreak, appear to have improved. On the employment front, the employment-to-population ratio in July maintained the same level as that during July of last year, but the trend of increase in the number of persons employed slowed and, due mainly to an expansion in job search activities, the unemployment rate rose compared to that in July last year. The Committee forecasts that the domestic economy will show a trend of recovery going forward, owing chiefly to the expansionary macroeconomic policies and to the ending of the MERS outbreak, but judges the uncertainties surrounding the growth path to be high. 

Despite cuts in electricity fees, consumer price inflation registered 0.7% in July, the same as in June, in line mainly with expansions in the extents of increase in service prices. Core inflation excluding agricultural and petroleum product prices was 2.0% in July, also the same as in June. Looking ahead the Committee forecasts that inflation will continue at a low level, due mainly to the effects of the low oil prices. In the housing market, the upward trends of sales and leasehold deposit prices have continued in both Seoul and its surrounding areas and the rest of the country. 

In the domestic financial markets, influenced mostly by expectations of a policy rate hike by the US Federal Reserve and by the devaluation of the Chinese yuan, stock prices have fallen and the Korean won has depreciated sharply against both the US dollar and the Japanese yen. Long-term market interest rates have fallen slightly, in response mainly to interest rate movements in major countries. Bank household lending has sustained a trend of increase at a level substantially exceeding that of recent years, led by mortgage loans.

Looking ahead, while working to sustain the recovery of economic growth, the Committee will conduct monetary policy so as to maintain price stability over a medium-term horizon and pay attention to financial stability. In this process it will closely monitor the trend of increase in household debt and external risk factors such as any shift in the US Federal Reserve’s monetary policy and the financial instabilities in some emerging economies, as well as the trends of capital flows.

Bank of Korea l Rida Husna l rida@tradingeconomics.com
8/13/2015 3:37:50 AM


Recent Releases

Bank of Korea Keeps Base Rate at Record Low
South Korean Monetary Policy Committee decided to leave the base rate unchanged at record low of 1.5 percent at its July 9th meeting, as it weighs the effects of last month's rate cut and the government's recent fiscal stimulus package.
Published on 2015-07-09

Bank of Korea Cuts Rate to Fresh Record Low of 1.5%
The Bank of Korea decided to cut the base rate by 25 bps to fresh record low of 1.5 percent on June 11th, the second adjustment this year. Policymakers judged downside risks to the economy have expanded, mostly due to sluggish exports and to fears of MERS outbreak.
Published on 2015-06-11

South Korea Monetary Policy Unchanged in May
South Korean Monetary Policy Committee decided to leave the base rate unchanged at 1.75 percent at its May 15th meeting for the third straight month. Policymakers forecast inflation will continue at a low level, due to low energy prices, and the economy will show a modest trend of recovery.
Published on 2015-05-15

Bank of Korea Keeps Base Rate at Record Low
South Korean Monetary Policy Committee decided to leave the base rate unchanged at 1.75 percent at its April 9th meeting, following a surprise rate cut last month. Policymakers judged the domestic demand has not clearly recovered while inflation is expected to be low, due to falling energy prices.
Published on 2015-04-09


South Korea Money Last Previous Highest Lowest Unit
Interest Rate 1.50 1.50 5.25 1.50 percent [+]
Interbank Rate 1.48 1.58 25.34 1.48 percent [+]
Money Supply M0 69026800.00 69007700.00 69026800.00 11200.00 KRW Million [+]
Money Supply M1 643293.30 624148.80 643293.30 260.40 KRW Billion [+]
Money Supply M2 2186768.90 2171436.00 2186768.90 590.60 KRW Billion [+]
Money Supply M3 2995869.40 2980927.40 2995869.40 57007.90 KRW Billion [+]
Foreign Exchange Reserves 370822.34 374749.26 374749.26 564.50 USD Million [+]
Loans to Private Sector 7085098.00 7037712.00 7085098.00 2603700.00 KRW Hundred Million [+]
Central Bank Balance Sheet 510090.00 492801.00 510090.00 310.00 KRW Billion [+]


Interest Rate Reference Previous Highest Lowest Unit
Australia 2.00 Sep/15 2.00 17.50 2.00 percent [+]
Brazil 14.25 Sep/15 14.25 45.00 7.25 percent [+]
Canada 0.50 Aug/15 0.75 16.00 0.25 percent [+]
China 4.60 Aug/15 4.85 10.98 4.60 percent [+]
Euro Area 0.05 Sep/15 0.05 4.75 0.05 percent [+]
India 7.25 Aug/15 7.25 14.50 4.25 percent [+]
Indonesia 7.50 Aug/15 7.50 12.75 5.75 percent [+]
Japan 0.00 Aug/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Aug/15 3.00 9.25 3.00 percent [+]
Russia 11.00 Aug/15 11.00 17.00 5.00 percent [+]
South Korea 1.50 Aug/15 1.50 5.25 1.50 percent [+]
Switzerland -0.75 Aug/15 -0.75 3.50 -0.75 percent [+]
Turkey 7.50 Aug/15 7.50 500.00 4.50 percent [+]
United Kingdom 0.50 Aug/15 0.50 17.00 0.50 percent [+]
United States 0.25 Aug/15 0.25 20.00 0.25 percent [+]