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Monetary Policy Decision(July 10, 2025)

The Monetary Policy Board (MPB) of the Bank of Korea decided to leave
the Base Rate unchanged at 2.50% for the intermeeting period.

2025 Central Banking Study Program

Strengthening participant capacities and
enhancing communication channels among central banks

BOK Base Rate 2.50% Inflation Target 2.0%

BOK Issue

Korea Economic Outlook Economic Outlook (May 2025) Economic growth is expected to slow to 0.8% this year, falling significantly below the February forecast of 1.5%, as the recovery of economic sentiment has been delayed beyond expectations due to domestic and global uncertainties, and due to U.S. tariff policies that have been strengthened compared to the beginning of the year. 2025. 05. 29

Annual Reports 2024 Annual Report This Annual Report provides an overview of Korea’s financial and economic conditions in 2024, as well as the Bank of Korea’s operations and management activities. We have strived to present a well-structured summary of the year’s developments and to enhance the report’s connection with other materials. We hope this report helps the public gain a better understanding of the state of the Korean economy and the Bank of Korea’s role. 2025. 05. 02

Monetary Policy Report Monetary Policy Report (March 2025) The Bank of Korea Act stipulates the goal of monetary policy as follows: “The Bank shall contribute to the sound development of the national economy through ensuring price stability, while giving due consideration to financial stability in carrying out its monetary policy.” In order to enhance the transparency, predictability, and effectiveness of monetary policy, the Bank will carry out its task by setting specific targets and objectives in accordance with this goal. 2025. 04. 24

Financial Stability Report Financial Stability Report (December 2024) Recently, volatility in financial and foreign exchange markets has increased due to high uncertainty at home and abroad. However, considering the favorable resilience of financial institutions and external payment capacity, Korea’s financial system has been generally stable. Caution needs to be exercised regarding the increase in market volatility associated with uncertainty at home and abroad as well as the accumulation of financial imbalances during monetary policy easing. 2025. 02. 28

Research Papers

BOK Working Paper (in English) BOK Working Paper No.2025-14, Macroeconomic Impacts of Climate Change under NGFS Scenarios Author: Young-Han Kim(Sungkyunkwan Univ.), Bok-Keun Yu(Bank of Korea) This paper examines the environmental and macroeconomic impacts of changes in ... 2025.07.22

Korea Economic Outlook Korea Economic Outlook (May 2025) In order to provide a detailed understanding of Korea's economic outlook, a translation of the Economic Outlook is now published quarterly. 2025.07.15

BOK Issue Note Covered Interest Parity Deviation (CIPD) in South Korea: Who Moves It and Why It Matters? [BOK Issue Note 2025-10] This paper studies supply- and demand-side drivers of covered interest parity deviations(CIPD) by leveraging novel micro-level transaction data from 2... 2025.07.14

BOK Issue Note Reconstructing the Bank of Korea’s Global Projection Model: Framework and Analysis [BOK Issue Note 2025-07] This paper introduces the redevelopment of the Bank of Korea’s Global Projection Model (BOK-GPM), a framework originally established in 2014, t... 2025.07.11

BOK Issue Note The Growing Elderly Self-Employed Population: Causes and Policy Responses [BOK Issue Note 2025-12] 1. Korea’s so-called second baby boomer generation (born between 1964 and 1974, totaling 9.54 million), the country’s largest single age cohort, began... 2025.07.01

BOK Issue Note Korea's Service Exports : Current Status and Future Direction [BOK Issue Note_2025-06] 1. Since the global financial crisis, the proportion of goods trade in global trade has declined, while the share and importance of services trade hav... 2025.06.30

Quarterly/Economic Analysis [Vol.31 No.2] Causes and Effects of Youth Migration Author: Kiseok Hong(Ewha Womans Univ.) The purpose of this study is to examine the interaction between migration and labor market conditions. Sp... 2025.06.30

Quarterly/Economic Analysis [Vol.31 No.2] Exchange Rate Volatility and Spot FX Trading Behavior of Korean Firms Author: Min Kim(Bank of Korea), Ju Hyun Pyun(Korea Univ.) This study investigates how Korean export- and import-oriented firms adjust their spo... 2025.06.30

BOK Issue Note Toward Sustainable Employment for Older Workers in Aging Korea [BOK Issue Note 2025-08] In South Korea, which has officially become a super-aged society, the active utilization of older workers is inevitable to mitigate labor supply short... 2025.06.23

BOK Issue Note Bank of Korea’s Open Market Operations: Navigating the Past, Envisioning the Future [BOK Issue Note 2025-11] 1. Central banks’ open market operations (OMO) have evolved in various ways in response to changes in the financial and economic conditions of each co... 2025.06.11

BOK Issue Note Credit Concentration in the Real Estate Sector : Structural Drivers and Risks [BOK Issue Note 2025-09] ① Over the past decade, financial institutions’ credit supply has been increasingly concentrated in the real estate sector. By the end of 2024, the to... 2025.06.11

BOK Working Paper (in English) BOK Working Paper No.2025-13, Population Aging and Financial Stability: An Empirical Analysis Author: Hun Jang(Bank of Korea) This study empirically examines the impact of population aging on financial stability. Constructing an unbalanc... 2025.06.04

BOK Working Paper (in English) BOK Working Paper No.2025-12, Demographic Shifts and the Real Interest Rate in an Open Economy: The Case of Korea Author: Jae Won Lee(Bank of Korea), Woong Yong Park(Seoul National Univ.), Seolwoong Hwang(Bank of Korea) This study investigates the impact of... 2025.06.04

BOK Working Paper (in English) BOK Working Paper No.2025-11, A Large Bayesian Vector Autoregression of the Yield Curve and Macroeconomic Variables with No-Arbitrage Restriction Author: Sunho Lee(Bank of Korea), Kyu Ho Kang(Korea University) Interactions between macroeconomic variables and the government bond market are of m... 2025.05.16

BOK Working Paper (in English) BOK Working Paper No.2025-10, Demand for Home Pension and Reverse Mortgage: An Information Provision Survey Experiment Author: Duk Gyoo Kim(Yonsei University), In Do Hwang(Bank of Korea) Elderly poverty is a distinctive issue associated with the population structure ... 2025.05.15

BOK Issue Note The Shift Toward Experienced Hires : Implications for Youth Employment [BOK Issue Note 2025-01] 1. Recently, an increasing number of companies have been favoring experienced hires over entry-level candidates, shifting from regular public recruitm... 2025.05.09

BOK Issue Note Impact of shareholder return policy on firm value [BOK Issue Note 2025-05] Interest in shareholder returns is growing as a means of enhancing the value of domestic listed companies (Value-up Program). Expanding shareholder re... 2025.05.08

Annual Reports 2024 Annual Report 1. This is an unofficial translation prepared by the Bank's staff based on the original Korean text released on March 28, 2025. 2. Contents &... 2025.05.02

BOK Issue Note Transforming The Future: The Impact of Artificial Intelligence in korea [BOK Issue Note 2025-02] This paper examines the transformative effects of Artificial Intelligence (AI) in Korea. Korea is among the global frontrunners in AI adoption, with h... 2025.04.28

Monetary Policy Reports Monetary Policy Report (March 2025) - This report is the English version of the Bank of Korea's Monetary Policy Report published on March 13, 2025. In case of any inconsistency, t... 2025.04.24

Press Releases

Consumer Tendency Survey for July 2025 The Composite Consumer Sentiment Index (CCSI) for July 2025 stood at 110.8, 2.1 points higher than that in June. * Please refer t... 2025.07.23

Producer Price Index - June 2025(preliminary) □ The Producer Price Index increased by 0.1% month-on-month in June 2025 ―in year-on-year terms it increased by 0.5%. □ The month-on-month changes i... 2025.07.22

Korean National Balance Sheet for 2024 (preliminary) Korean national wealth (the net worth of the total economy) amounted to 24,014.6 trillion won as of year-end 2024, 1,216.7 trillion won(+5.3... 2025.07.17

Export/Import Price Indexes and Trade Indexes - June 2025(preliminary) □ The Export Price Index (KRW basis) decreased 1.1 percent from the previous month. o The index decreased 4.5 percent o... 2025.07.16

Loan Officer Survey on Financial Institution Lending(Developments in Q2 2025 and Prospects for Q3 2025) ※ Please refer to the attached file for details 2025.07.15

Monetary and Liquidity Aggregates (May 2025) □ Broad Money (M2, seasonally adjusted, period-average) increased by 1.0% 2025.07.15

Recent Economic Developments (July 2025) ▣ The slowdown in Korea’s economic growth has eased to some extent, as consumption improved and exports increased, despite the continued decline ... 2025.07.10

BOK Update

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