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

South Korean Monetary Policy Committee decided to leave the base rate steady for the 11th straight month at record low of 1.5 percent at its May, 13th meeting, as expected. hile forecasting the economy to continue its modest recovery, policymakers viewed consumer prices will continue at a low level, under the influence of low oil prices . Interest Rate in South Korea averaged 3.47 percent from 1999 until 2016, 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 - 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 May of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-03-10 01:00 AM Interest Rate Decision 1.5% 1.5% 1.5% 1.5%
2016-04-19 01:00 AM Interest Rate Decision 1.5% 1.5% 1.5% 1.5%
2016-05-13 01:00 AM Interest Rate Decision 1.5% 1.5% 1.5% 1.5%
2016-05-31 07:00 AM BoK MP Meeting Minutes
2016-06-09 01:00 AM Interest Rate Decision 1.5% 1.5%
2016-07-14 01:00 AM Interest Rate Decision 1.5%

Bank of Korea Holds Base Rate Steady for 11th Month


South Korean Monetary Policy Committee decided to leave the base rate steady for the 11th straight month at record low of 1.5 percent at its May, 13th meeting, as expected. While forecasting the economy to continue its modest recovery, policymakers viewed consumer prices will continue at a low level, under the influence of low oil prices .

Excerpts from the statement by the Bank of Korea: 

Looking at the Korean economy, exports have remained on their trend of decline, and domestic demand activities such as consumption, and the sentiments of economic agents have continued their modest improvements. On the employment front, while the pace of increase in the number of persons employed slowed somewhat in April, the employment-to-population ratio and the unemployment rate maintained the same levels as in April of last year. The Board forecasts that the domestic economy will continue its trend of modest improvement going forward, centering around domestic demand activities, but in view of external economic conditions judges the uncertainties surrounding the growth path to still be high.
 
Despite expansions in the extents of increase in prices of industrial products other than petroleum, consumer price inflation registered 1.0% in April, the same as in March, in line mainly with a slowdown in the rate of service fee increase. Core inflation excluding agricultural and petroleum product prices rose slightly to 1.8%, from 1.7% in March. Looking ahead the Board forecasts that consumer price inflation will continue at a low level, under the influence of the low oil prices for example. In the housing market, sales prices maintained their level of the previous month while leasehold deposit prices showed low rates of increase.
 
In the domestic financial markets, stock prices and long-term market interest rates have fallen since April after having previously risen, affected mainly by changes in investor preferences for safe assets. After having appreciated against the US dollar, the Korean won has depreciated against it again. The won has meanwhile depreciated considerably against the Japanese yen, in line with the yen’s strengthening. Bank household lending has sustained a trend of increase at a level exceeding that of recent years, led by mortgage loans.
 
Looking ahead, while working to support the recovery of economic growth the Board will conduct monetary policy so as to maintain price stability over a medium-term horizon, and also pay attention to financial stability. In this process it will closely monitor any changes in monetary policies or in financial and economic conditions in major countries, the progress of corporate restructuring, the trend of increase in household debt, and the movements of capital flows.

Bank of Korea l Rida Husna | rida@tradingeconomics.com
5/13/2016 3:24:31 AM

South Korea Money Last Previous Highest Lowest Unit
Interest Rate 1.50 1.50 5.25 1.50 percent [+]
Interbank Rate 1.52 1.52 6.14 1.51 percent [+]
Money Supply M0 78875700.00 79031500.00 79031500.00 11200.00 KRW Million [+]
Money Supply M1 725506.60 706604.00 725506.60 260.40 KRW Billion [+]
Money Supply M2 2300468.30 2288341.70 2300468.30 590.60 KRW Billion [+]
Money Supply M3 3176239.20 3144038.40 3176239.20 57007.90 KRW Billion [+]
Foreign Exchange Reserves 372480.00 369840.00 374749.30 564.50 USD Million [+]
Loans to Private Sector 7407569.00 7340497.00 7407569.00 2603700.00 KRW Hundred Million [+]
Deposit Interest Rate 2.54 2.89 19.50 2.54 percent [+]
Central Bank Balance Sheet 482483.00 470049.00 510090.00 310.00 KRW Billion [+]




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