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

South Korean Monetary Policy Committee left its base rate on hold at record low of 1.25 percent at its August meeting, as widely expected, saying it 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. Policymakers forecast that the domestic economy will sustain its trend of modest growth going forward and that inflation will remain at a low level for the time being. Interest Rate in South Korea averaged 3.44 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 August of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
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% 1.25% 1.25%
2016-09-09 01:00 AM Interest Rate Decision 1.25% 1.25%
2016-10-13 01:00 AM Interest Rate Decision 1%
2016-11-11 01:00 AM Interest Rate Decision 1%

Bank of Korea Holds Base Rate Steady at 1.25% in August


South Korean Monetary Policy Committee left its base rate on hold at record low of 1.25 percent at its August meeting, as widely expected, saying it 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. Policymakers forecast that the domestic economy will sustain its trend of modest growth going forward and that inflation will remain at a low level for the time being.

Excerpts from the statement by the Bank of Korea:

Looking at the Korean economy, exports have remained on their trend of decline but domestic demand activities including consumption appear to have continued their albeit moderate improvements. The sentiments of economic agents have meanwhile improved slightly. On the employment front, as the number of persons employed has increased, the employment-to-population ratio rose and the unemployment rate fell in July compared to those in July 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 fell from 0.8 percent the month before to 0.7 percent in July, in line mainly with a slowdown in the rate of increase in service fees. Core inflation excluding agricultural and petroleum product prices also declined to 1.6 percent, from 1.7 percent in July. 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 since July, stock prices have risen and the Korean won has appreciated to a large extent against the US dollar, as foreigners’ securities investment funds have shown net inflows owing chiefly to expectations of monetary policy easing in major countries. The won has meanwhile appreciated against the Japanese yen, in line with the won’s relative strengthening. Long-term market interest rates have shown slight fluctuations at low levels. 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, any changes in the monetary policies of major countries, and the progress of corporate restructuring.

Bank of Korea l Rida Husna | rida@tradingeconomics.com
8/11/2016 11:27:17 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 80666500.00 80129400.00 80666500.00 11200.00 KRW Million [+]
Money Supply M1 736294.40 729345.50 736294.40 260.40 KRW Billion [+]
Money Supply M2 2329887.40 2324578.60 2329887.40 590.60 KRW Billion [+]
Money Supply M3 3223360.60 3208342.30 3223360.60 57007.90 KRW Billion [+]
Foreign Exchange Reserves 371380.00 369890.00 374749.30 564.50 USD Million [+]
Loans to Private Sector 7489175.00 7428662.00 7489175.00 2603700.00 KRW Hundred Million [+]
Deposit Interest Rate 1.80 2.54 19.50 1.80 percent [+]
Central Bank Balance Sheet 472977.20 473301.10 510090.00 310.00 KRW Billion [+]




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