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

South Korean Monetary Policy Committee decided to leave the base rate steady at record low of 1.25 percent at its July, 14th meeting, as expected. While weighing the effects of a surprise rate cut in June as well as the impact of Brexit vote, policymakers judged the uncertainties surrounding the growth path to be high. Meanwhile, in its latest economic forecasts, the central bank expected the economy to grow by 2.7 percent in 2016, down slightly from an earlier projection in April of 2.8 percent. Consumer prices are expected to rise 1.1 percent, compared to a previous estimates of 1.2 percent. Unemployment rate is projected to stay at 3.8 percent, higher than a preliminary figure of 3.6 percent. In 2015, South Korean economy expanded by 2.6 percent, slowing from 3.3 percent in 2014. Interest Rate in South Korea averaged 3.45 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 July of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-05-13 01:00 AM Interest Rate Decision 1.5% 1.5% 1.5% 1.5%
2016-06-09 01:00 AM Interest Rate Decision 1.25% 1.5% 1.5% 1.5%
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%
2016-09-09 01:00 AM Interest Rate Decision 1%
2016-10-13 01:00 AM Interest Rate Decision 1%

Bank of Korea Holds Base Rate Steady at 1.25%


South Korean Monetary Policy Committee decided to leave the base rate steady at record low of 1.25 percent at its July, 14th meeting, as expected. While weighing the effects of a surprise rate cut in June as well as the impact of Brexit vote, policymakers judged the uncertainties surrounding the growth path to be high.

Excerpts from the statement by the Bank of Korea:

Looking at the Korean economy, while the sentiments of economic agents have been sluggish, the trend of decline in exports has continued but domestic demand activities including consumption appear to be improving. On the employment front, as the number of persons employed has increased, the employment-to-population ratio rose and the unemployment rate fell in June compared to those in June 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 registered 0.8% in June, the same as in May, in line mainly with declines in agricultural product prices. Core inflation excluding agricultural and petroleum product prices rose slightly to 1.7%, from 1.6% in May. In the housing market, sales and leasehold deposit prices showed low rates of increase. Looking ahead the Board forecasts that consumer price inflation will remain at a low level for the time being, and then gradually rise as the effects of the low oil prices diminish.

In the domestic financial markets, stock prices and the Korean won-US dollar and Korean won-Japanese yen exchange rates fluctuated temporarily to large extents after the Brexit decision. Long-term market interest rates have fallen considerably, owing largely to declines in government bond rates in major countries. 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, the effects of the Brexit, any changes in the monetary policies of major countries, and the progress of corporate restructuring.

Meanwhile, in its latest economic forecasts, the central bank  expected the economy to grow by 2.7 percent in 2016, down slightly from an earlier projection in April of 2.8 percent. Consumer prices are expected to rise 1.1 percent, compared to a previous estimates of 1.2 percent. Unemployment rate is projected to stay at 3.8 percent, higher than a preliminary figure of 3.6 percent. In 2015, South Korean economy expanded by 2.6 percent, slowing from 3.3 percent in 2014.



Bank of Korea l Rida Husna | rida@tradingeconomics.com
7/14/2016 6:05:19 AM

South Korea Money Last Previous Highest Lowest Unit
Interest Rate 1.25 1.25 5.25 1.25 percent [+]
Interbank Rate 1.27 1.27 6.14 1.27 percent [+]
Money Supply M0 80129400.00 79890000.00 80129400.00 11200.00 KRW Million [+]
Money Supply M1 729345.50 714961.70 729345.50 260.40 KRW Billion [+]
Money Supply M2 2324578.60 2297342.90 2324578.60 590.60 KRW Billion [+]
Money Supply M3 3208342.30 3179829.40 3208342.30 57007.90 KRW Billion [+]
Foreign Exchange Reserves 369890.00 370900.00 374749.30 564.50 USD Million [+]
Loans to Private Sector 7428662.00 7440964.00 7440964.00 2603700.00 KRW Hundred Million [+]
Deposit Interest Rate 2.54 2.89 19.50 2.54 percent [+]
Central Bank Balance Sheet 473301.10 468505.00 510090.00 310.00 KRW Billion [+]




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