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Monetary Policy Decision (October 23, 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

Blog Why Are Young Workers Losing Jobs in the Early Stage of AI Diffusion? Since the launch of ChatGPT in November 2022, a wave of generative AI services has rapidly emerged, each pushing the boundaries of what AI can do in ever-shorter innovation cycles. Performance has advanced not only in back-office tasks such as coding, document writing, and data analysis, but also in complex reasoning and multimodal processing. Yet behind the convenience of these technological advances, a new generational divide is taking shape: employment among junior workers(20s) is falling, while jobs for senior workers(50s) continue to grow. 2025. 11. 06

Monetary Policy Report Monetary Policy Report(September 2025) The BOK will maintain its rate cut stance to mitigate downside risks to economic growth and determine the timing and pace of any further Base Rate cuts while closely monitoring changes in domestic and external policy environments, the resulting impact on inflation, and financial stability. 2025. 10. 30

Blog Why do central banks talk about “Structural Reform?” These days, many readers of BoK reports will often come across the term “structural reform”. If the economy’s fundamentals weaken further, the damage will be severe. Structural reform is the way forward. And without structural reform, monetary policy cannot breathe. Structural reform is a prerequisite for sustainable growth and a way to give monetary policy room to breathe. 2025. 10. 01

Financial Stability Report Financial Stability Report (June 2025) Volatility in financial and foreign exchange markets has increased due to global trade conflicts, domestic and international economic slowdowns, and heightened geopolitical risks. 2025. 08. 29

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

Research Papers

BOK Issue Note Industry-specific Allocative Inefficiency and Productivity [BOK Issue Note 2025-21] 1. The sluggish growth of the Korean economy’s total factor productivity (TFP) is closely related not only to the slowdown in technol... 2025.11.06

BOK Issue Note Impacts of Online Platforms' Growth on Regional Self-employed Businesses and Policy Approaches [BOK Issue Note 2025-19] 1. [Research Background] Business conditions in Korea's self-employment sector are significantly deteriorating. This decline is mainly attri... 2025.11.03

BOK Issue Note Crisis and Innovation Strategies for the Korean Taxi Industry in the Era of Autonomous Driving 1. This report examines the crisis facing Korea’s taxi service industry in light of the rapid development of autonomous driving (AD) technology and gl... 2025.11.03

BOK Issue Note Projection of Employment Trends: Considering Population and Labor Market Structure, and Its Implications 1. Trend job growth refers to the increase in employment consistent with maintaining the unemployment rate at its natural level. It is determined by l... 2025.10.31

Monetary Policy Reports Monetary Policy Report (September 2025) - This report is the English version of the Bank of Korea's Monetary Policy Report published on September 11, 2025. In case of any inconsi... 2025.10.30

BOK Issue Note The Inflationary Impact of Intensifying Extreme Weather : Evidence on Persistence and Nonlinearity [BOK Issue Note 2025-25] Climate Change; Natural Disaster; Extreme Weather; Local Projections; Inflation 2025.10.30

Korea Economic Outlook Korea Economic Outlook (August 2025) In order to provide a detailed understanding of Korea's economic outlook, a translation of the Economic Outlook is now published quarterly. 2025.10.24

Quarterly/Economic Analysis [Vol.31 No.3] Effects of the BOK Governor’s Monetary Policy Communication on Financial Markets: A Sentiment Analysis Author: Gakjoon Yoo(Seoul National University), Dooyeon Cho(Sungkyunkwan University) Since the global financial crisis, there has been a surge in re... 2025.09.30

BOK Working Paper (in English) BOK Working Paper No.2025-18, The Earned Income Tax Credit and the Tax-benefit Link of Public Pensions Author: Dongmin Chun(Bank of Korea) Over the life cycle, the labor market participation induced by the Earned Income Tax Credit (EITC) during workin... 2025.09.30

Quarterly/Economic Analysis [Vol.31 No.3] TGIF: A Quasi-Experimental Analysis of Pre-Weekend Productivity Author: Yonggeun Jung(University of Florida) This paper investigates the pre-weekend decline in productivity by leveraging a unique quasi-experiment... 2025.09.30

BOK Issue Note Recent Co-Movement between the Korean Won and the Chinese Yuan [BOK Issue Note 2025-16] 1. The recent rise in global trade protectionism has increased uncertainty regarding the future path of the Chinese yuan (CNY), thereby drawing greate... 2025.09.23

BOK Issue Note Korea’s Service Industry Productivity : Structural Challenges and Policy Options [BOK Issue Note 2025-18] [1] To What Extent Has Korea’s Service Industry Achieved Quantitative and Qualitative Growth? Korea’s service industry has undergone subs... 2025.09.22

Annual Report on the Payment and Settlement Systems Payment and Settlement Systems Report 2024 In 2024, innovation in payment and settlement systems continued apace amid growing momentum in the digital transformation of finance. The Act on ... 2025.09.19

BOK Working Paper (in English) BOK Working Paper No.2025-17, Dollar Dominance and International Spillovers of US Financial Shocks Author: Minkyu Son(Bank of Korea) This paper investigates how the global dominance of the US dollar amplifies the cross-border transmission of financ... 2025.09.15

BOK Working Paper Paper (in Korean) BOK Working Paper No.2025-16, The Impact of Demographic Change on Regional Labor Markets Author: Chulhee Lee(Seoul National Univ.), Jongwoo Chung(Bank of Korea) This study projects changes in the economically active population (... 2025.09.14

Monetary Policy Reports Executive Summary for Monetary Policy Report (September 2025) Monetary Policy Report at a Glance Monetary Policy Decisions Further Base Rate Cut from 2.75% to 2.5% With inflation remaining stable, increased... 2025.09.11

Financial Stability Report Financial Stability Report (June 2025) - Please refer to the attached PDF file. - This is a translation prepared by the Bank's staff based on the original Korean text released on J... 2025.08.29

BOK Regional Economic Report (BOK Golden Book) Regional Economic Report (July 2025) This is a condensed English version of the Regional Economic Report published in Korean on July 28, 2025. Regional economic conditions in th... 2025.08.26

BOK Working Paper (in English) BOK Working Paper No.2025-15, Effect of Climate Change on the Korean Economy: Aggregated VAR with Functional Data Author: Jihyun Kim(Sungkyunkwan Univ.), Boreum Kwak(Bank of Korea) This study investigates the economic effects of climate change on small open econ... 2025.08.21

BOK Issue Note Characteristics and Implications of Housing Price Expectations [BOK Issue Note 2025-15] 1. [Background of the Analysis] Overheated housing price expectations can lead to excessive market reactions, such as "maxed-out loans (so-called... 2025.08.12

Press Releases

Balance of Payments during September 2025 (preliminary) □ During September 2025, the Korean current account registered a surplus of 13.47 billion dollars. □ Looking at the financial account, net assets inc... 2025.11.06

Official Foreign Reserves(October 2025) Please refer to attached files. 2025.11.05

[BOK-KIF Joint Conference] Policy Challenges for the Development of the Short-Term Financial Market and the Activation of KOFR Bank of Korea holds Conference on the Development of the Short-Term Financial Market and the Activation of KOFR, in Collaboration with Korea Institute... 2025.11.04

Bank of Korea and the People's Bank of China Renew the Bilateral Currency Swap Arrangement Bank of Korea and the People's Bank of China renew the Korean Won-Chinese Yuan Bilateral Currency Swap Arrangement. The effective period is five... 2025.11.03

Interest Rates (Sep 2025) □ In September 2025, the average interest rate on new deposits was 2.52%, up 3 basis points from the previous month. ― The aver... 2025.10.31

Business Survey and Economic Sentiment Index (ESI) for October 2025 ※ Refer to the attached file for details 2025.10.29

Real Gross Domestic Product: Third Quarter of 2025 (Advance Estimate) ◈ Real gross domestic product (chained volume measure of GDP) increased by 1.2 percent in the third quarter of 2025 compared to th... 2025.10.28

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