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Monetary Policy Decision(August 28, 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

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

BOK Issue Note Decoupling Economic Growth from Carbon Emissions: A Cross-country Panel Analysis and Implications [BOK Issue Note 2025-03] Climate change; Sustainable growth; Environmental Kuznets Curve; Panel analysis 2025.08.01

BOK Issue Note What Can Korea Learn form Japan?[BOK Issue Note 2025-14] 1. Over the past half-century, Korea's economy has achieved remarkable success, widely regarded as a model admired by the world. Today, however, it st... 2025.08.01

Korea Economic Outlook Impact of Super-Aging on the Monetary Policy Environment: Implications for Korea (Korea Economic Outlook (May 2025) In-depth Analysis) This is a translation of the Economic Outlook (May 2025) In-depth Analysis, "Impact of Super-Aging on the Monetary Policy Environment: Implicat... 2025.07.30

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

Press Releases

Gross Domestic Product Estimates for North Korea in 2024 North Korean real annual GDP increased by 3.7% in 2024. - Refer to the attached file for details. 2025.08.29

Economic Outlook (August 2025) ▣ GDP growth rate for 2025 has been revised slightly upward to 0.9% from 0.8% in May. ￭ Consumption is improving and ex... 2025.08.28

★Monetary Policy Decision & Opening Remarks to the Press Conference(August 28, 2025) Monetary Policy Decision The Monetary Policy Board of the Bank of Korea decided today to leave the Base Rate unchanged at 2.50% for the intermeeting ... 2025.08.28

Interest Rates (Jul 2025) □ In July 2025, the average interest rate on new deposits was 2.51%, down 4 basis points from the previous month. ― The average... 2025.08.27

Business Survey and Economic Sentiment Index (ESI) for August 2025 ※ Refer to the attached file for details 2025.08.27

Consumer Tendency Survey for August 2025 The Composite Consumer Sentiment Index (CCSI) for August 2025 stood at 111.4, 0.6 points higher than that in July. * Please refer to t... 2025.08.26

Producer Price Index - July 2025(preliminary) □ The Producer Price Index increased by 0.4% month-on-month in July 2025 ―in year-on-year terms it increased by 0.5%. □ The month-on-month changes i... 2025.08.21

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