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

The benchmark interest rate in South Korea was last recorded at 2 percent. Interest Rate in South Korea averaged 3.62 percent from 1999 until 2015, reaching an all time high of 5.25 percent in October of 2000 and a record low of 2 percent in February of 2009. Interest Rate in South Korea is reported by the The Bank of Korea.

South Korea Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.00 2.00 5.25 2.00 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 Saturday, March 7, 2015.

South Korea Monetary Policy Unchanged in February

South Korean Monetary Policy Committee decided to keep the base rate unchanged at 2 percent for the fourth consecutive month at its February 17th meeting. Policymakers judged the recovery of the domestic demand has not been strong and economic expectations remains weak.

Excerpts from the statement by the Bank of Korea:

The Committee forecasts that the global economy will sustain its modest recovery going forward, centering around major advanced economies such as the US, but judges that the possibility exists of its being affected by changes in the monetary policies of major countries, by the weakening of economic growth in emerging market countries, by geopolitical risks, and by the uncertainties over the restructuring of Greek debt.
Looking at the Korean economy, while exports have decreased, due mainly to declines in the unit prices for example of petroleum products, the Committee judges that the recovery of domestic demand has not been strong and that the sentiments of economic agents remain weak. On the employment front, the number of persons employed has expanded steadily, led by increases in the 50-and-above age group and in the service sector. The Committee expects that the domestic economy will show a modest trend of recovery going forward, but that the negative output gap will persist for a considerable time.
Despite increases in the extents of decline in petroleum product prices, consumer price inflation registered 0.8% in January, the same as in December, due mainly to an expansion in the scale of increase in prices of industrial products other than petroleum. Core inflation excluding agricultural and petroleum product prices rose sharply from 1.6% the month before to 2.4% in January. Looking ahead, the Committee forecasts that inflation will gradually rise from the second half of this year, after remaining at a low level. In the housing market, the upward trends of sales prices slowed somewhat, while leasehold deposit prices continued their uptrend centering around Seoul and its surrounding areas.
In the domestic financial markets, long-term market interest rates, after having fallen in line mainly with monetary policy easing by major countries, have rebounded in response to the improvements in US economic indicators. Stock prices have risen. The Korean won, which had appreciated against the US dollar, has depreciated as the effects of the sustained current account surplus and the dollar’s strength globally have intersected. The recent trend of won appreciation against the Japanese yen has meanwhile weakened amid increased demand for safe-haven assets. Bank household lending has sustained its trend of increase at a level greatly exceeding that of recent years, led by mortgage loans
Looking ahead, while supporting 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 external risk factors such as international oil prices and shifts in major countries’ monetary policies, as well as developments related to the spare capacity in the domestic economy and the trends of household debt and capital flows.

Bank of Korea l Rida Husna l
2/17/2015 11:42:41 AM

Recent Releases

Bank of Korea Holds Rates at Record Low
South Korean Monetary Policy Committee left the base rate unchanged at 2 percent for the third consecutive month at its January 15th meeting. Policymakers judged the recovery in the domestic demand has been slow and the outlook for the economy remains weak. Published on 2015-01-15

South Korea Keeps Base Rate Unchanged in December
South Korean Monetary Policy Committee left the base rate unchanged at 2 percent at its December 11th meeting, as outlook for economic growth remains weak. Published on 2014-12-11

Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-12-11 01:00 AM
Interest Rate Decision 
2% 2.0% 2.0% 2%
2015-01-15 01:00 AM
Interest Rate Decision 
2% 2% 2% 2%
2015-02-17 01:00 AM
Interest Rate Decision 
2% 2% 2% 2%
2015-03-12 01:00 AM
Interest Rate Decision 
2% 2%
2015-04-09 02:00 AM
Interest Rate Decision 
2015-05-15 02:00 AM
Interest Rate Decision 

South Korea Money Last Previous Highest Lowest Unit
Interest Rate 2.00 2.00 5.25 2.00 percent [+]
Interbank Rate 1.99 1.99 25.34 1.76 percent [+]
Money Supply M0 64438500.00 62886200.00 64438500.00 11200.00 KRW Million [+]
Money Supply M1 574266.30 570987.20 574266.30 260.40 KRW Billion [+]
Money Supply M2 2067866.40 2086847.90 2086847.90 590.60 KRW Billion [+]
Money Supply M3 2831860.10 2828148.50 2831860.10 57007.90 KRW Billion [+]
Foreign Exchange Reserves 362370.10 362186.20 368026.40 564.50 USD Million [+]
Loans to Private Sector 417.00 5436.00 7695.00 -3462.00 KRW Billion [+]
Central Bank Balance Sheet 485799.00 476997.00 496806.00 310.00 KRW Billion [+]

Interest Rate Reference Previous Highest Lowest Unit
Australia 2.25 Mar/15 2.25 17.50 2.25 percent [+]
Brazil 12.75 Mar/15 12.25 45.00 7.25 percent [+]
Canada 0.75 Mar/15 0.75 16.00 0.25 percent [+]
China 5.35 Mar/15 5.60 10.98 5.31 percent [+]
Euro Area 0.05 Mar/15 0.05 4.75 0.05 percent [+]
France 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Germany 0.05 Mar/15 0.05 4.75 0.05 percent [+]
India 7.50 Mar/15 7.75 14.50 4.25 percent [+]
Indonesia 7.50 Feb/15 7.75 12.75 5.75 percent [+]
Italy 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Japan 0.00 Feb/15 0.00 9.00 0.00 percent [+]
Mexico 3.00 Jan/15 3.00 9.25 3.00 percent [+]
Netherlands 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Russia 15.00 Jan/15 17.00 17.00 5.00 percent [+]
South Korea 2.00 Feb/15 2.00 5.25 2.00 percent [+]
Spain 0.05 Mar/15 0.05 4.75 0.05 percent [+]
Switzerland -0.75 Jan/15 -0.25 3.50 -0.75 percent [+]
Turkey 7.50 Feb/15 7.75 500.00 4.50 percent [+]
United Kingdom 0.50 Mar/15 0.50 17.00 0.50 percent [+]
United States 0.25 Jan/15 0.25 20.00 0.25 percent [+]