Press Releases | The Bank of Korea

Export/Import Price Indexes and Trade Indexes - September 2026(preliminary)

Fri, 16 Oct 2026 06:00:00 +0900

* Please refer to the attached files for further details.

Financial Market Trends in September 2026

Thu, 15 Oct 2026 19:30:00 +0900

Please refer to the attached files.

Monetary and Liquidity Aggregates (August 2026)

Thu, 15 Oct 2026 12:00:00 +0900

□ Broad Money (M2, seasonally adjusted, period-average) increased by 0.9% compared to the previous month.

Balance of Payments during August 2026 (preliminary)

Thu, 08 Oct 2026 08:00:00 +0900

□ For August 2026, the Korean current account registered a surplus of 46.11 billion dollars.

□ Looking at the financial account, net assets increased by 40.23 billion dollars during August 2026.

Flow of Funds during the 2nd quarter of 2026(preliminary)

Wed, 07 Oct 2026 12:00:00 +0900

- During the second quarter of 2026, the net lending of the total economy (combined domestic sectors) was 147.8 trillion won, representing an increase compared to the previous quarter (84.3 trillion won).

- Refer to the attached file for details.

Official Foreign Reserves(September 2026)

Tue, 06 Oct 2026 06:00:00 +0900

Please refer to attached files.

Interest Rates (Aug 2026)

Wed, 30 Sep 2026 12:00:00 +0900

□ In August 2026, the average interest rate on new deposits was 3.21%, same as the previous month.

― The average interest rate on outstanding amounts of deposits as of end-August was 2.20%, up 5 basis points from the previous month.

□ In August 2026, the average interest rate on new loans was 4.40%, up 13 basis points from the previous month.

― The average interest rate on outstanding amounts of loans as of end-August was 4.40%, up 3 basis points from the previous month.

Business Survey and Economic Sentiment Index (ESI) for September 2026

Tue, 29 Sep 2026 06:00:00 +0900

※ Refer to the attached file for details

Consumer Tendency Survey for September 2026

Wed, 23 Sep 2026 06:00:00 +0900

The Composite Consumer Sentiment Index (CCSI) for September 2026

stood at 106.6, 2.1 points higher than that in August.

* Please refer to the attached files for details.

2024 Updated Input-Output Tables

Mon, 21 Sep 2026 12:00:00 +0900

Please refer to the attached files.

Public Sector Accounts for the year 2025 (preliminary)

Fri, 18 Sep 2026 12:00:00 +0900

- In 2025, the total revenue of the public sector (including the general government sector, non-financial public corporations, and financial public corporations) recorded 1,192.1 trillion won, an increase of 53.0 trillion won from the previous year’s total of 1,139.1 trillion won (a 4.7% increase).

- Total expenditures of the public sector were 1,275.2 trillion won in 2025, increasing by 67.0 trillion won from the previous year’s total of 1,208.1 trillion won (a 5.5% increase).

→ Net lending (total revenue minus total expenditures) in the public sector recorded a deficit of 83.1 trillion won, with the deficit widening compared to the deficit in the previous year (69.1 trillion won).

Producer Price Index - August 2026(preliminary)

Fri, 18 Sep 2026 06:00:00 +0900

* Please refer to the attached files for further details.

Monetary and Liquidity Aggregates (July 2026)

Tue, 15 Sep 2026 12:00:00 +0900

□ Broad Money (M2, seasonally adjusted, period-average) increased by 0.3% compared to the previous month.

Export/Import Price Indexes and Trade Indexes - August 2026(preliminary)

Tue, 15 Sep 2026 06:00:00 +0900

* Please refer to the attached files for further details.

Financial Market Trends in August 2026

Wed, 09 Sep 2026 19:30:00 +0900

Please refer to the attached files.

Financial Statement Analysis for Q2 2026

Wed, 09 Sep 2026 12:00:00 +0900

In the second quarter of 2026, growth indicators of non-financial companies improved compared to the previous quarter and profitability indicators increased compared to same period last year.

※ Please refer to the attached file for details.

Gross National Income: Second Quarter of 2026 (Preliminary)

Tue, 08 Sep 2026 08:00:00 +0900

◈ Real gross domestic product (real GDP, chained volume measure of GDP) increased by 0.6% in the second quarter of 2026

compared to the previous quarter, consistent with the figure given in the advance estimate.

◈ Real gross national income (real GNI) increased by 3.1% in the second quarter of 2026 compared to the previous quarter.

※ Refer to the attached file for details.

Industrial Loans of Depository Corporations during Q2 2026

Mon, 07 Sep 2026 12:00:00 +0900

□Depository corporations increased their industrial lending by 30.6 trillion won in the second quarter of 2026.

Balance of Payments during July 2026 (preliminary)

Fri, 04 Sep 2026 08:00:00 +0900

□ For July 2026, the Korean current account registered a surplus of 42.08 billion dollars.

□ Looking at the financial account, net assets increased by 40.32 billion dollars during July 2026.

Official Foreign Reserves(August 2026)

Thu, 03 Sep 2026 06:00:00 +0900

Please refer to attached files.

Economic Outlook (August 2026)

Thu, 27 Aug 2026 13:30:00 +0900

▣ Korea’s economy is expected to sustain high growth of 3.3% in 2026 and 2.9% in 2027.

￭ Despite continued uncertainty over the situation in the Middle East, the semiconductor boom continues, with its spillover effects broadening.

▣ CPI inflation is expected to rise 2.7% in 2026 and 2.3% in 2027.

￭ Core inflation is expected to remain elevated at 2.5% in 2026 and 2027, as cost shocks continue to pass through and demand-side pressures gradually strengthen.

▣ The outlook path remains subject to high uncertainty related to the semiconductor cycle and the Middle East situation.

★Monetary Policy Decision & Opening Remarks to the Press Conference(August 27, 2026)

Thu, 27 Aug 2026 10:30:00 +0900

Monetary Policy Decision

The Monetary Policy Board of the Bank of Korea decided today to raise the Base Rate by 25 basis points from 2.75% to 3.00%. While the domestic economy has continued to grow at a stronger than expected pace, supported by strong exports and a recovery in domestic demand, inflation is expected to remain above the target level for a considerable time. In this context, it is important to prevent inflationary pressures from becoming widespread through preemptive action, and it is also necessary to continue paying attention to financial stability risks. The Board, therefore, judged that it is appropriate to raise the Base Rate by 25 basis points.

The currently available information suggests that the global economy is expected to grow at a moderate pace, driven by robust AI investments, despite continued tensions in the Middle East, while inflation is projected to remain elevated for some time due to the impact of increases in energy prices. In global financial markets, long-term government bond yields rose and the US dollar weakened as concerns about fiscal soundness in major economies grew, amid continued uncertainties surrounding the US Federal Reserve’s monetary policy and the situation in the Middle East. Stock prices generally rose, reflecting favorable corporate earnings, despite concerns over the profitability of global AI investments. Looking ahead, the global economy and financial markets will be affected by developments in the Middle East, by the AI investment outlook, and by changes in monetary and fiscal policies in major economies and in the trade environment.

The domestic economy maintained strong growth, led by exports and investment. The number of persons employed continued to increase moderately, mainly in the services sector. Going forward, the domestic economy is expected to continue its robust growth as exports and investment sustain their high growth on the back of a strong semiconductor sector and as the recovery in consumption gradually accelerates, supported by improving income conditions. Consequently, the growth rate is forecast at 3.3% for this year and 2.9% for next year, both significantly higher than the May forecasts of 2.6% and 2.1%, respectively. There remain uncertainties along the future path of economic growth related to the degree of expansion in the semiconductor sector and its spillover onto domestic demand, developments in the Middle East, and changes in the trade environment.

Consumer price inflation declined to 2.8% in July due to slower increases in the prices of petroleum products and agricultural, livestock, and fisheries products, while core inflation (excluding food and energy) rose to 2.6%, driven by faster increases in the prices of personal services and durable goods. Short-term inflation expectations among the general public remained in the upper 2% range. Looking ahead, inflation is expected to remain above the target level for a considerable time as the pass-through of elevated cost pressures persists and as demand-side pressures also gradually increase with improving income conditions. Consequently, consumer price inflation is forecast at 2.7% for this year and 2.3% for next year, both consistent with the May projections, while core inflation (excluding food and energy) is forecast at 2.5% for both this year and next year, higher than the May forecasts of 2.4% and 2.3%, respectively. The future path of inflation is judged to be subject to high uncertainties related to movements in global oil prices and the exchange rate, to the pace of the recovery in domestic demand, and to the extent of the broadening of the increase in wages.

In financial and foreign exchange markets, volatility in major price variables has remained high. The Korean won to US dollar exchange rate fell significantly as foreign exchange market supply-demand conditions improved due to a moderation in foreign investors’ stock investment outflows and a weakened US dollar. Korean Treasury bond yields fluctuated considerably, affected by stronger domestic economic growth and by movements in US Treasury bond yields and global oil prices. Stock prices fell sharply, led by the semiconductor sector, and then partially rebounded. Housing prices in Seoul and its surrounding areas continued to increase at a high pace while household loans also increased substantially.

The Board will continue to conduct monetary policy in order to stabilize consumer price inflation at the target level over the medium-term horizon as it monitors economic growth while paying attention to financial stability. The domestic economy is expected to continue its robust growth, supported by sustained strong exports and investment, and by a strengthening recovery in consumption, while inflation is projected to remain above the target level for a considerable time, driven by the pass-through of accumulated cost pressures and increasing demand-side pressures. Regarding financial stability, it is necessary to continue to pay attention to acceleration in both housing price increases in Seoul and its surrounding areas and household debt growth. Therefore, the Board will decide the timing and pace of further increases in the Base Rate while assessing the trends in inflation and the domestic economy, as well as financial stability.

Six Monetary Policy Board members supported the decision to raise the Base Rate, while one member, Hwang Kunil, voted against the decision, proposing to keep the Base Rate unchanged at 2.75%.

Opening Remarks to the Press Conference (August 27, 2026)

Today, the Monetary Policy Board of the Bank of Korea decided to raise the Base Rate by 25 basis points, from 2.75% to 3.00%. I will first go over economic conditions at home and abroad, and then explain the background to today’s Base Rate decision.

Starting with external conditions, the global economy is expected to grow at a moderate pace, driven by robust AI investments, despite continued tensions in the Middle East. Looking at economic conditions across major economies, the US economy is expected to maintain a growth rate above 2% this year, supported by ongoing large-scale investment in AI infrastructure, despite a modest slowdown in employment growth. Some emerging Asian economies that are linked to the AI supply chain are also expected to maintain favorable growth. In contrast, growth in the euro area is projected to be below 1% due to weakness in the manufacturing sector, despite increased fiscal spending in major economies. Although inflation in major economies has recently declined somewhat, it is expected to remain above target levels for some time due to the impact of increases in energy prices.

In global financial markets, long-term government bond yields rose and the US dollar weakened as concerns about fiscal soundness in major economies grew, amid continued uncertainties surrounding the US Federal Reserve’s monetary policy and the situation in the Middle East. Stock prices generally rose, reflecting favorable corporate earnings, despite concerns over the profitability of global AI investments.

Next, looking at domestic conditions, the domestic economy continued to grow at a stronger than expected pace, led by exports and investment. In particular, in the second quarter, there was rapid growth in income resulting from the improvement in the terms of trade.

In financial and foreign exchange markets, volatility in major price variables has remained high. The Korean won to US dollar exchange rate fell significantly to the upper 1,300 won range as foreign exchange market supply-demand conditions improved due to a moderation in foreign investors’ stock investment outflows and a weakened US dollar. Korean Treasury bond yields fluctuated considerably, affected by stronger domestic economic growth and by movements in US Treasury yields and global oil prices. Stock prices fell sharply, led by the semiconductor sector, and then partially rebounded. Looking at the housing market and the household debt situation, although the pace of increase in housing prices in some parts of Seoul slowed somewhat, overall housing prices in Seoul and its surrounding areas continued to increase at a high pace. Household loans in the financial sector grew at a faster pace than in previous years, with both housing-related loans and other loans increasing.

We have also revisited forecasts for growth and inflation to reflect changes in domestic and external conditions since our last Economic Outlook in May. To begin with, the GDP growth rate is projected at 3.3% for this year and 2.9% for the next year, both significantly higher than the May forecasts. This reflects the assessment that exports and investment are projected to maintain high growth as the semiconductor sector has been stronger than previously expected and that the recovery in consumption is also expected to strengthen, supported by improving income conditions.

Consumer price inflation is forecast to be 2.7% for this year and 2.3% for next year, both consistent with the May projections, as increased demand-side pressures from stronger growth and lower global oil prices offset each other. Core inflation, which is one of the underlying inflation indicators and provides a gauge for the future path of inflation, is projected to be 2.5% for both this year and next year, higher than the May forecasts of 2.4% and 2.3%, respectively, as demand-side pressures stemming from the improvement in income conditions increase more than expected amid the continued pass-through of accumulated cost pressures. These future paths of growth and inflation are judged to be subject to uncertainties related to developments in the Middle East, the expansion of the semiconductor sector, and the extent of its spillover onto domestic demand.

Lastly, I will explain the background to the Base Rate decision, which reflects the above mentioned domestic and external conditions. As the domestic economy has continued to grow at a stronger than expected pace, supported by strong exports and by a recovery in domestic demand, and as inflation is expected to remain above the target level for a considerable time, it is important to prevent inflationary pressures from becoming widespread through preemptive action while it is also necessary to continue paying attention to financial stability risks.

The Board, therefore, judged that it is appropriate to raise the Base Rate by 25 basis points. One member, Hwang Kunil, voted against the decision to raise the Base Rate by 25 basis points, proposing to maintain the Base Rate at the current level of 2.75%.

I will explain in more detail the background to today’s decision to raise the Base Rate, following the hike in July. Most importantly, the domestic economy is expected to grow at a robust pace both this year and next year, supported by a strong semiconductor sector and the subsequent improvement in income conditions. Furthermore, it is judged that, with core inflation remaining at a high level until next year, inflation has become more likely to spread widely and persist for longer. In this context, the Board judged that preemptive monetary policy action is necessary to promote stability in the macroeconomy, including inflation. Most research findings suggest that, compared to a delayed response, preemptive monetary policy action can stabilize inflation expectations at an early stage, thereby reducing the degree and duration of monetary policy tightening and ultimately easing the burden on growth. In addition, preemptive action would also help moderate the recent increases in housing prices in Seoul and its surrounding areas and the growth in household debt.

Finally, I would like to address the future direction of monetary policy. While the domestic economy is expected to continue its robust growth, inflation is forecast to remain above the target level for a considerable time, and it is also necessary to remain cautious about financial stability risks. The Board, thus, will determine the timing and pace of further Base Rate hikes based on incoming data.

Meanwhile, the Board decided to leave the interest rate on programs under the Bank Intermediated Lending Support Facility unchanged at 1.25%, while raising the Base Rate. This, together with the government’s support measures, is expected to contribute to easing the financial burden on small and medium-sized enterprises (SMEs).

Interest Rates (July 2026)

Wed, 26 Aug 2026 12:00:00 +0900

□ In July 2026, the average interest rate on new deposits was 3.21%, up 13 basis points from the previous month.

― The average interest rate on outstanding amounts of deposits as of end-July was 2.15%, up 8 basis points from the previous month.

□ In July 2026, the average interest rate on new loans was 4.27%, down 4 basis points from the previous month.

― The average interest rate on outstanding amounts of loans as of end-July was 4.37%, up 3 basis points from the previous month.

Business Survey and Economic Sentiment Index (ESI) for August 2026

Wed, 26 Aug 2026 06:00:00 +0900

※ Refer to the attached file for details

Borrower-Level Household Debt Statistics in Q2 2026

Tue, 25 Aug 2026 12:00:00 +0900

Please refer to attached files.

Consumer Tendency Survey for August 2026

Tue, 25 Aug 2026 06:00:00 +0900

The Composite Consumer Sentiment Index (CCSI) for August 2026

stood at 104.5, 2.3 points lower than that in July.

* Please refer to the attached files for details.

Producer Price Index - July 2026(preliminary)

Fri, 21 Aug 2026 06:00:00 +0900

* Please refer to the attached files for further details.

International Investment Position(Q2 2026)

Thu, 20 Aug 2026 12:00:00 +0900

Please refer to the attached.

Household Credits in Q2 2026

Wed, 19 Aug 2026 12:00:00 +0900

□ Total household credits outstanding increased by 25.9 trillion won in Q2 2026 to stand at 2,019.8 trillion won as of end-Jun, with household loans totaling 1,891.3 trillion won and merchandise credits 128.5 trillion won.

o Household loans increased by 24.9 trillion won during the quarter, and merchandise credits increased by 0.9 trillion won.

Financial Market Trends in July 2026

Fri, 14 Aug 2026 19:30:00 +0900

Please refer to the attached files.

Monetary and Liquidity Aggregates (June 2026)

Fri, 14 Aug 2026 12:00:00 +0900

□ Broad Money (M2, seasonally adjusted, period-average) increased by 0.7% compared to the previous month.

Export/Import Price Indexes and Trade Indexes - July 2026(preliminary)

Fri, 14 Aug 2026 06:00:00 +0900

* Please refer to the attached files for further details.

Balance of Payments during June 2026 (preliminary)

Thu, 06 Aug 2026 08:00:00 +0900

□ For June 2026, the Korean current account registered a surplus of 49.73 billion dollars.

□ Looking at the financial account, net assets increased by 46.71 billion dollars during June 2026.

Official Foreign Reserves(July 2026)

Wed, 05 Aug 2026 06:00:00 +0900

Please refer to attached files.

Gross Domestic Product Estimates for North Korea in 2025

Fri, 31 Jul 2026 12:00:00 +0900

North Korean real annual GDP increased by 3.5% in 2025.

- Refer to the attached file for details.

Business Survey and Economic Sentiment Index (ESI) for July 2026

Thu, 30 Jul 2026 06:00:00 +0900

※ Refer to the attached file for details

Interest Rates (June 2026)

Tue, 28 Jul 2026 12:00:00 +0900

□ In June 2026, the average interest rate on new deposits was 3.08%, up 15 basis points from the previous month.

― The average interest rate on outstanding amounts of deposits as of end-June was 2.07%, up 4 basis points from the previous month.

□ In June 2026, the average interest rate on new loans was 4.31%, up 12 basis points from the previous month.

― The average interest rate on outstanding amounts of loans as of end-June was 4.34%, up 3 basis points from the previous month.

Consumer Tendency Survey for July 2026

Tue, 28 Jul 2026 06:00:00 +0900

The Composite Consumer Sentiment Index (CCSI) for July 2026

stood at 106.8, 0.2 points higher than that in June.

* Please refer to the attached files for details.

Real Gross Domestic Product: Second Quarter of 2026 (Advance Estimate)

Thu, 23 Jul 2026 08:00:00 +0900

◈ Real gross domestic product (chained volume measure of GDP) increased by 0.6 percent in the second quarter of 2026

compared to the previous quarter―in year-on-year terms it increased by 3.7 percent.

◈ Real gross domestic income (GDI) increased by 3.6 percent compared to the previous quarter―in year-on-year terms it increased by 15.6 percent.

※ Refer to the attached file for details.

Korean National Balance Sheet for 2025 (preliminary)

Wed, 22 Jul 2026 12:00:00 +0900

Korean national wealth (the net worth of the total economy) amounted to 24,561.5 trillion won as of year-end 2025, 531.1 trillion won(+2.2%) higher than the previous year's figure.

(Please see the attached files for details)

Producer Price Index - June 2026(preliminary)

Wed, 22 Jul 2026 06:00:00 +0900

* Please refer to the attached files for further details.

Loan Officer Survey on Financial Institution Lending(Developments in Q2 2026 and Outlook for Q3 2026)

Mon, 20 Jul 2026 12:00:00 +0900

※ Please refer to the attached file for details

Recent Economic Developments (July 2026)

Thu, 16 Jul 2026 12:00:00 +0900

▣ Korea’s economy is projected to grow at a faster pace, supported by the robust semiconductor cycle and its spillover effects, even as uncertainty over developments in the Middle East remains elevated.

▣ CPI inflation is expected to remain elevated as strengthening economic activity fuels demand-side pressures and as cost shocks continue to pass through to consumer prices.

▣ The outlook remains subject to considerable uncertainty, particularly regarding geopolitical developments in the Middle East and the sustainability of global AI investment.

★Monetary Policy Decision & Opening Remarks to the Press Conference (July 16, 2026)

Thu, 16 Jul 2026 10:30:00 +0900

Monetary Policy Decision

The Monetary Policy Board of the Bank of Korea decided today to raise the Base Rate by 25 basis points from 2.50% to 2.75%. Along with economic growth having strengthened, led by exports and investment, inflation is expected to remain above the target level for a considerable time, and financial stability risks also persist. The Board, therefore, judged that it is appropriate to raise the Base Rate by 25 basis points.

The currently available information suggests that the global economy is expected to continue its moderate growth trend, driven by robust AI investment, despite continued uncertainty surrounding the situation in the Middle East, while inflation is projected to remain elevated for some time as the impact of the rise in energy prices feeds through with a time lag. In global financial markets, the US dollar appreciated and government bond yields rose, influenced by changes in both expectations of rate hikes by the US Federal Reserve and in developments in the Middle East. Stock prices fluctuated considerably in response to changes in the outlook for the AI and semiconductor sectors. Looking ahead, the global economy and financial markets will be affected by developments in the implementation of the US-Iran ceasefire agreement, by the AI investment outlook, and by changes in the monetary and fiscal policies in major economies and in the trade environment.

The domestic economy strengthened further as exports and investment continued to grow strongly, led by the semiconductor sector, and as consumption showed a favorable trend. In terms of employment, the number of persons employed turned to an increase, led by the service sector, while employment continued to decline in major industries such as manufacturing. Going forward, the domestic economy is expected to continue its robust growth as exports and investment sustain their growth at a high level, supported by a strong semiconductor sector, and as the recovery in consumption accelerates on the back of improving income conditions. Accordingly, the growth rate for this year is expected to considerably exceed the May forecast of 2.6%. There remain uncertainties along the future path of economic growth related to the degree of the expansion in the semiconductor sector and its spillover effects onto domestic demand, developments in the Middle East, and changes in the trade environment.

Consumer price inflation rose to 3.2% in June, driven by the ongoing sharp rise in petroleum product prices and by a faster rise in the prices of agricultural, livestock, and fisheries products, while core inflation (excluding food and energy) remained unchanged from the previous month at 2.5%. Short-term inflation expectations among the general public remain in the upper 2% range. Looking ahead, inflation is expected to remain high for a considerable time, despite the decline in global oil prices, as the impacts of heightened costs and the elevated exchange rate persist and as demand-side pressures also gradually strengthen in line with improving income conditions. Accordingly, consumer price inflation for this year is expected to be generally consistent with the May forecast of 2.7%, while core inflation is likely to be somewhat higher than the previous forecast of 2.4%. The future path of inflation is judged to be subject to high uncertainties related to movements in global oil prices and the exchange rate, to the pace of the recovery in domestic demand, and to the extent of the broadening of the increase in wages.

In financial and foreign exchange markets, volatility in major price variables has increased significantly. The Korean won to US dollar exchange rate rose to the mid-1,500 won range due to outflows of foreign stock investment funds and to US dollar appreciation, but then declined to the upper 1,400 won range as foreign exchange market supply-demand conditions improved. Korean Treasury bond yields rose overall, affected by factors including changes in monetary policy expectations both at home and abroad. Stock prices underwent a sizable correction amid heightened volatility due to growing concerns over AI investment and large-scale net sales of domestic stocks by foreign investors. Household loans increased substantially, with increases in both housing-related loans and in other loans, while the pace of increases in housing prices in Seoul and its surrounding areas accelerated.

The Board will continue to conduct monetary policy in order to stabilize consumer price inflation at the target level over the medium-term horizon as it monitors economic growth while paying attention to financial stability. While export and domestic demand are both expected to continue their robust improvement, supported by the spillover effects of a strong semiconductor sector, inflation is forecast to remain above the target level for a considerable time, as elevated cost pressures persist for some time and as demand-side pressure also gradually increases. Regarding financial stability, it is necessary to continue to pay attention to elevated exchange rate volatility and acceleration in both housing prices increases in Seoul and its surrounding areas and in household debt growth. Therefore, it is judged that it will be necessary to continue a policy stance consistent with further rate hikes, and the Board will determine the timing and pace of further increases in the Base Rate while assessing the extent of inflationary pressure, the improvement trend in the domestic economy, and financial stability.

All seven Monetary Policy Board members unanimously supported the decision to raise the Base Rate.

Opening Remarks to the Press Conference (July 16, 2026)

Today, the Monetary Policy Board of the Bank of Korea decided to raise the Base Rate by 25 basis points, from 2.50% to 2.75%. I will first go over economic conditions at home and abroad, and then explain the background to today’s Base Rate decision.

Starting with external conditions, the global economy is expected to continue its moderate growth trend, supported by sustained robust AI investment. Uncertainty surrounding the situation in the Middle East remains high, with tensions recently escalating again after having eased somewhat following the signing of a memorandum of understanding between the US and Iran. Looking at economic conditions across major economies, the US is expected to maintain growth of around 2% this year, supported by AI investment and consumption. Some emerging economies that are part of the AI supply chain are also expected to maintain favorable growth on the back of strong exports. In contrast, growth in the euro area is projected to remain in the 0% range, reflecting weakening sentiment and reducing purchasing power due to inflation. Although concerns about a sharp rise in inflation have eased amid declining global oil prices, inflation in major economies is expected to remain above target levels for some time as the impact of the rise in energy prices feeds through with a time lag.

In global financial markets, the US dollar appreciated and government bond yields in major economies rose, influenced by changes in both expectations of rate hikes by the US Federal Reserve and in developments in the Middle East. Stock prices fluctuated considerably in response to changes in the outlook for the AI and semiconductor sectors.

Next, looking at domestic conditions, the domestic economy strengthened further as exports and investment continued to grow strongly and as consumption showed a favorable trend. In particular, exports exceeded 100 billion US dollars for the first time ever in June, as exports of IT products continued to record triple-digit growth and non-IT export growth also accelerated. Going forward, the domestic economy is expected to continue its robust growth as exports and investment sustain their growth at a high level, supported by a strong semiconductor sector, and as the recovery in consumption accelerates on the back of the resulting improvement in income conditions. Accordingly, the growth rate for this year is expected to considerably exceed the May forecast of 2.6%.

Consumer price inflation rose to 3.2% in June, driven by the ongoing sharp rise in petroleum product prices and by a faster rise in the prices of agricultural, livestock, and fisheries products, while core inflation (excluding food and energy) remained unchanged from the previous month at 2.5%. Inflation for living necessities, which reflects households’ perceived inflation, increased at a high rate in the mid-3% range, while short-term inflation expectations among the general public remained in the upper 2% range. Looking ahead, inflation is expected to remain above the target for a considerable period of time, as supply-side pressures from the impacts of higher costs and an elevated exchange rate persist and as demand-side pressures also gradually strengthen in line with improving household income conditions. Accordingly, consumer price inflation for this year is expected to be generally consistent with the May forecast, while core inflation is likely to be somewhat higher than the previous forecast.

In financial and foreign exchange markets, the volatility of major price variables has increased significantly. The Korean won to US dollar exchange rate rose to the mid-1,500 won range due to outflows of foreign stock investment funds and US dollar appreciation, but then declined to the upper 1,400 won range as foreign exchange market supply-demand conditions improved. Korean Treasury bond yields rose overall, affected by factors including changes in expectations of the monetary policy both at home and abroad. Stock prices underwent a sizable correction amid heightened volatility. Looking at the housing market and the household debt situation, the pace of increase in housing prices accelerated, particularly in Seoul and major areas in Gyeonggi Province, amid persistently high expectations of further price increases. Household loans in the financial sector continued to increase at a high monthly pace of 8-9 trillion won, driven by sustained growth in housing-related loans and a sharp rise in other loans.

Lastly, I will explain the background to the Base Rate decision, which reflects the above mentioned domestic and external conditions. Along with economic growth having strengthened, led by exports and investment, inflation is expected to remain above the target level for a considerable time, and financial stability risks also persist. The Board, therefore, judged that it is appropriate to raise the Base Rate by 25 basis points. All the Board members unanimously supported this decision.

I will explain the background behind today’s decision to raise the Base Rate in terms of economic growth, inflation, and financial stability.

Starting with growth, given that exports and domestic demand are both expected to continue their robust improvement, supported by the spillover effects of a strong semiconductor sector, the growth rate for this year is expected to considerably exceed the May forecast. Behind the recent strengthening of economic growth is the fact that Korea is benefiting as a key player in the global AI value chain during the process of global AI diffusion. Accordingly, exports and investment are expected to grow strongly, and unprecedented expansion in nominal GDP resulting from the surge in semiconductor prices is likely to support domestic demand through higher corporate profits, increased investment, and gains in wages and tax revenues.

Next, looking at inflation, consumer price inflation is projected to remain above the target level for a considerable time. On the supply side, despite the decline in global oil prices, the spillover effects of heightened costs and the elevated exchange rate will persist for some time. In addition, unlike in some major economies with a weak economic recovery, demand-side inflationary pressures in Korea are expected to gradually increase as the strength of the semiconductor sector will spill over into domestic demand. Consequently, the underlying inflationary pressures are likely to be greater and more persistent than previously expected.

Lastly, financial stability risks also persist. There are concerns that housing prices in Seoul and its surrounding areas will continue to rise sharply, considering that home-buying capacity has expanded due to improved income and asset conditions amid persistent expectations of further price increases. Upward pressure on household loan growth in the financial sector is also likely to persist. In foreign exchange markets, as the exchange rate has been fluctuating widely at a high level, continued attention should be paid to the associated risks.

Taken together, developments in all three areas of growth, inflation, and financial stability support the need for a rate hike. The Board, therefore, judged that it is appropriate to raise the Base Rate by 25 basis points.

Finally, I would like to address the future direction of monetary policy. While economic growth is expected to continue its solid improvement trend, inflation is forecast to remain above the target level for a considerable time, and it is also necessary to be cautious about financial stability risks. The Board thus judged that it will be necessary to continue a policy stance consistent with further rate hikes. In this process, the Board will determine the timing and pace of further Base Rate hikes based on incoming data, assessing the extent of the increase in inflationary pressure, the improvement trend in the domestic economy, and financial stability.

Furthermore, the Board decided to raise the interest rate on programs under the Bank Intermediated Lending Support Facility by 25 basis points, from 1.00% to 1.25%, considering the need to maintain consistency with the monetary policy stance.

Monetary and Liquidity Aggregates (May 2026)

Wed, 15 Jul 2026 12:00:00 +0900

□ Broad Money (M2, seasonally adjusted, period-average) increased by 0.8% compared to the previous month.

Export/Import Price Indexes and Trade Indexes - June 2026(preliminary)

Wed, 15 Jul 2026 06:00:00 +0900

* Please refer to the attached files for further details.

Financial Market Trends in June 2026

Thu, 09 Jul 2026 19:30:00 +0900

Please refer to the attached files.

Balance of Payments during May 2026 (preliminary)

Wed, 08 Jul 2026 08:00:00 +0900

□ For May 2026, the Korean current account registered a surplus of 38.61 billion dollars.

□ Looking at the financial account, net assets increased by 31.08 billion dollars during May 2026.

Flow of Funds during the 1st quarter of 2026(preliminary)

Tue, 07 Jul 2026 12:00:00 +0900

- During the first quarter of 2026, the net lending of the total economy (combined domestic sectors) was 84.3 trillion won, representing an increase compared to the previous quarter (51.9 trillion won).

- Refer to the attached file for details.

Official Foreign Reserves(June 2026)

Fri, 03 Jul 2026 06:00:00 +0900

Please refer to attached files.

Interest Rates (May 2026)

Fri, 26 Jun 2026 12:00:00 +0900

□ In May 2026, the average interest rate on new deposits was 2.93%, up 1 basis points from the previous month.

― The average interest rate on outstanding amounts of deposits as of end-May was 2.03%, up 1 basis points from the previous month.

□ In May 2026, the average interest rate on new loans was 4.19%, down 1 basis points from the previous month.

― The average interest rate on outstanding amounts of loans as of end-May was 4.31%, up 1 basis points from the previous month.

2025 International Investment Position by Region and Currency(Preliminary)

Thu, 25 Jun 2026 12:00:00 +0900

Please refer to the attached.

Business Survey and Economic Sentiment Index (ESI) for June 2026

Thu, 25 Jun 2026 06:00:00 +0900

※ Refer to the attached file for details

Financial Statement Analysis for Q1 2026

Tue, 23 Jun 2026 12:00:00 +0900

In the first quarter of 2026, growth indicators of non-financial companies improved compared to the previous quarter and profitability indicators increased compared to same period last year.

※ Please refer to the attached file for details.

Consumer Tendency Survey for June 2026

Tue, 23 Jun 2026 06:00:00 +0900

The Composite Consumer Sentiment Index (CCSI) for June 2026

stood at 106.6, 0.5 points higher than that in May.

* Please refer to the attached files for details.

Balance of Payments by Region, 2025 (preliminary)

Fri, 19 Jun 2026 12:00:00 +0900

(Please see attached files for details)

Producer Price Index - May 2026(preliminary)

Fri, 19 Jun 2026 06:00:00 +0900

* Please refer to the attached files for further details.

Monetary and Liquidity Aggregates (April 2026)

Tue, 16 Jun 2026 12:00:00 +0900

□ Broad Money (M2, seasonally adjusted, period-average) increased by 0.6% compared to the previous month.

Export/Import Price Indexes and Trade Indexes - May 2026(preliminary)

Tue, 16 Jun 2026 06:00:00 +0900

* Please refer to the attached files for further details.

Financial Market Trends in May 2026

Thu, 11 Jun 2026 19:30:00 +0900

Please refer to the attached files.

Financial Statement Analysis for 2025

Wed, 10 Jun 2026 12:00:00 +0900

In 2025, growth indicators weakened compared to the previous yaer, while profitability and financial stability improved.

※Please refer to the attached files for detalis.

Gross National Income: First Quarter of 2026 (Preliminary)

Tue, 09 Jun 2026 08:00:00 +0900

◈ Real gross domestic product (real GDP, chained volume measure of GDP) increased by 1.8% in the first quarter of 2026

compared to the previous quarter, 0.1%p higher than the figure given in the advance estimate.

◈ Real gross national income (real GNI) increased by 9.2% in the first quarter of 2026 compared to the previous quarter.

※ Refer to the attached file for details.

National Accounts in the Year 2025 (Preliminary)

Tue, 09 Jun 2026 08:00:00 +0900

◈ Real gross domestic product (real GDP, chained volume measure of GDP) increased by 1.1% in 2025 compared to the previous year.

※ Please see the attached files for details.

Industrial Loans of Depository Corporations during Q1 2026

Mon, 08 Jun 2026 12:00:00 +0900

□Depository corporations increased their industrial lending by 35.6 trillion won in the first quarter of 2026.

Balance of Payments during April 2026 (preliminary)

Fri, 05 Jun 2026 08:00:00 +0900

□ For April 2026, the Korean current account registered a surplus of 28.29 billion dollars.

□ Looking at the financial account, net assets increased by 25.46 billion dollars during April 2026.

Official Foreign Reserves(May 2026)

Thu, 04 Jun 2026 06:00:00 +0900

Please refer to attached files.

Interest Rates (Apr 2026)

Fri, 29 May 2026 12:00:00 +0900

□ In April 2026, the average interest rate on new deposits was 2.92%, up 10 basis points from the previous month.

― The average interest rate on outstanding amounts of deposits as of end-April was 2.02%, up 2 basis points from the previous month.

□ In April 2026, the average interest rate on new loans was 4.20%, same as the previous month.

― The average interest rate on outstanding amounts of loans as of end-April was 4.30%, up 3 basis points from the previous month.

Economic Outlook (May 2026)

Thu, 28 May 2026 13:30:00 +0900

▣ Korea's economic growth this year is projected at 2.6%, a sharp upward revision from the February forecast of 2.0%.

￭ Despite the Middle East shock, growth is set to strengthen on the back of the robust semiconductor cycle.

▣ CPI inflation this year is expected to be 2.7%, well above the February projection of 2.2%.

￭ The revision reflects the direct and indirect effects of the oil price shock, along with a gradual buildup of demand-side pressures from improving economic conditions.

▣ The projection path is subject to high uncertainty, particularly surrounding the semiconductor cycle and the Middle East war.

★Monetary Policy Decision & Opening Remarks to the Press Conference(May 28, 2026)

Thu, 28 May 2026 10:30:00 +0900

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 period. Inflationary pressure has increased due to the Middle East war, growth has increased more than previously expected, supported by strong exports, and financial stability risks have still remained. However, given the uncertainties surrounding developments in the Middle East and that their spillover effects remain high, the Board judged that it would be appropriate to maintain the current level of the Base Rate while assessing developments in the conflict and their impacts on growth and inflation.

The currently available information suggests that, despite the expansion of AI-related investment, global economic growth is expected to slow and inflationary pressure to increase considerably, due to energy and commodity price hikes and to supply constraints stemming from the Middle East war. In global financial markets, government bond yields rose substantially and the US dollar appreciated, influenced by protracted negotiations between the US and Iran and the possibility of shifts in monetary policy stances in major countries. Stock prices rose sharply, reflecting prospects for growing demand for AI investment and favorable corporate earnings. Looking ahead, the global economy and financial markets will be affected by developments in the Middle East conflict, by the AI investment trend, and by changes in monetary and fiscal policies in major economies and in the trade environment.

The domestic economy has grown significantly, as strong exports and increased investment, led by semiconductors and favorable consumption trends have continued. Employment continued its upward trend in the number of persons employed, even though the pace of increase has moderated, particularly in the service sector. Going forward, the domestic economy is expected to continue its improvement trend, supported by a strong semiconductor sector and the supplementary budget, although the effects of rising commodity prices and supply constraints may increase somewhat. Consequently, the growth rate is forecast at 2.6% for this year, significantly higher than the February projection of 2.0%. There remain both high upside and downside risks along the future path of economic growth related to the degree of expansion in the semiconductor sector and its spillover effects onto domestic demand, developments in the Middle East, and changes in the trade environment.

Consumer price inflation rose considerably to 2.6% in April, driven by a sharp increase in petroleum product prices, while core inflation (excluding food and energy) remained at 2.2%. Short-term inflation expectations among the general public have remained in the upper 2% range. Looking ahead, inflation is expected to increase further, as the spillover effects of higher global oil prices expand and as demand-side pressure stemming from income growth also gradually strengthens. Consequently, consumer prices and core inflation for this year are forecast at 2.7% and 2.4%, respectively, substantially higher than the February projections of 2.2% and 2.1%. The future path of inflation is judged to be subject to high uncertainties related to movements in global oil prices and the exchange rate, to the extent of cost-pressure transmission, and to the effects of the government’s price stabilization measures.

In financial and foreign exchange markets, high volatility in major price variables continued. Korean Treasury bond yields rose sharply due to concerns about inflation at home and abroad and changes in expectations for monetary policy. The Korean won to US dollar exchange rate, which had declined somewhat, rose back to around 1,500 won, owing to the appreciation of the US dollar and to the net selling of domestic stocks by foreign investors. Stock prices continued their steep upward trend on expectations of improved corporate earnings, while still fluctuating considerably in response to developments in the Middle East. Housing prices in Seoul and its surrounding areas accelerated again and expectations of further increases have also heightened. Household loans continued to grow at a limited pace, although the increase in housing-related loans expanded somewhat more.

The Board will continue to conduct monetary policy in order to stabilize consumer price inflation at the target level over the medium-term horizon as it monitors economic growth while paying attention to financial stability. While inflation is forecast to remain above the target level for a considerable time, economic growth is expected to continue its solid improvement trend, supported by a strong semiconductor sector, despite the impact of developments in the Middle East. Regarding financial stability, it is necessary to continue to pay attention to high exchange rate volatility and to conditions regarding the housing market in Seoul and its surrounding areas and household debt. Therefore, the Board will decide the timing of any rate hikes while assessing the extent of the increase in inflationary pressure, the improvement trend in the domestic economy, and financial stability.

Five Monetary Policy Board members supported the decision to keep the Base Rate unchanged, while two members, Chang Yongsung, and Ryoo Sangdai, voted against the decision, proposing to raise it to 2.75%.

Opening Remarks to the Press Conference (May 28, 2026)

Today, the Monetary Policy Board of the Bank of Korea decided to leave the Base Rate unchanged at 2.50%. I will first go over economic conditions at home and abroad, and then explain the background to today’s Base Rate decision.

Starting with external conditions, uncertainties related to the war in the Middle East continue to persist. Despite the ongoing negotiations between the US and Iran, it remains difficult to predict how the situation will unfold. Even if they reach a deal to end the war, it is expected to take a considerable period of time for energy supply chains to return to normal and for elevated global oil prices to stabilize.

Accordingly, while inflationary pressure is likely to rise significantly, global economic growth is expected to weaken. In the US, inflation is projected to increase to around 4% as the impact of rising oil prices broadens. Inflation in the euro area and in the United Kingdom is also expected to remain above 3% for a considerable period of time. Growth is expected to slow in most major economies, but the US and some Asian economies are expected to benefit from expanded AI investment and are likely to continue favorable growth trends.

In global financial markets, government bond yields rose sharply and the US dollar appreciated, influenced by protracted negotiations between the US and Iran and by the possibility of shifts in monetary policy stances in major economies. Stock prices rose sharply as prospects for growing demand for AI investment continued.

Next, looking at domestic conditions, growth in the domestic economy has accelerated, supported by a strong semiconductor sector, despite the war in the Middle East. Following a sharp rebound in the first quarter growth rate to 1.7%, exports and investment have continued to grow at a strong pace since April, while consumption has also maintained a favorable trend. Consumer price inflation rose to 2.6% in April driven by a sharp increase in petroleum product prices. Short-term inflation expectations among the general public have remained in the upper 2% range. Core inflation (excluding food and energy) remained unchanged from the previous month at 2.2%, as the spillover effects of the supply shock have not yet become apparent.

In financial and foreign exchange markets, major price variables have remained highly volatile. Korean Treasury bond yields rose sharply due to concerns about inflation at home and abroad and to changes in expectations for monetary policy. The Korean won to US dollar exchange rate declined somewhat and later rose to around 1,500 won, owing to the appreciation of the US dollar and to the large-scale net selling of domestic stocks by foreign investors. Stock prices experienced some correction due to the worsening conflict in the Middle East and to profit-taking by foreign investors, but continued their steep upward trend on expectations of improved corporate earnings. Looking at the housing market and the household debt situation, increases in jeonse leasehold deposit, monthly rent, and housing sale prices in Seoul and its surrounding areas have all expanded due to concerns over supply shortages, while expectations of further price increases have also heightened again. Household loans in the financial sector generally continued to grow at a limited pace, but the increase in housing-related loans expanded somewhat as transaction volumes rose, particularly for low- and mid-priced homes in Seoul and its surrounding areas.

We have also revisited forecasts for growth and inflation to reflect changes in domestic and external conditions since our last Economic Outlook in February. To begin with, the GDP growth rate is projected at 2.6% for this year, significantly exceeding the February forecast of 2.0%. This reflects the assessment that, although the war in the Middle East is expected to lower this year's growth rate by approximately 0.4%p, stronger than expected conditions in the semiconductor sector and the resulting expansion in IT exports are projected to raise growth by 0.7%p. In addition, the government’s supplementary budget and favorable stock market conditions are also expected to boost growth by 0.2%p and 0.1%p, respectively, through increases in consumption and investment.

Next, consumer price inflation is forecast to be 2.7% for this year, substantially exceeding the February forecast of 2.2%, and core inflation is also expected to be 2.4%, considerably above the previous forecast of 2.1%. Although the government's price stabilization measures will help ease upward inflationary pressure, the effects of rising global oil prices are expected to gradually spread to prices of non-petroleum industrial goods and service prices, while demand-side pressure is also likely to become stronger than expected as the improvement in economic conditions continues. However, uncertainty surrounding these growth and inflation projections remains very high, particularly regarding developments in the war in the Middle East and the trajectory of the global semiconductor cycle.

Lastly, I will explain the background to the Base Rate decision, which reflects the above mentioned domestic and external conditions. Inflationary pressure has increased due to the Middle East war, growth has increased more than previously expected, contrary to concerns, and financial stability risks have still remained. However, given the uncertainties surrounding developments in the Middle East and that their spillover effects remain high, the Board judged that it would be appropriate to maintain the current level of the Base Rate while assessing developments in the conflict and their impacts on growth and inflation. Two members, Chang Yongsung and Ryoo Sangdai, voted against the decision to leave the Base Rate unchanged, proposing to raise it to 2.75%.

To explain our decision in more detail, we have significantly revised upward the outlook for both inflation and growth, reflecting the influence of the war in the Middle East and the expansion of the semiconductor sector. It was judged that the future trajectory of inflation and economic growth warrants close monitoring whether it will evolve as currently expected. This was because, for inflation, the extent of the pass-through of supply shocks to inflation could vary significantly depending on developments in the Middle East situation and on movements in global oil prices, while, for growth, it could be significantly affected by the extent and duration of the expansion in the global semiconductor cycle, given the domestic economy’s high dependence on the IT sector. In this regard, the Board judged that it is necessary to pay closer attention to the possibility of an increase in upside risks to inflation. From a financial stability perspective, continued attention should be paid to high exchange rate volatility and to developments in the housing market in Seoul and its surrounding areas. However, rather than raising the Base Rate at this meeting, the Board deemed it appropriate to further assess domestic and external conditions, such as developments in the Middle East and the pace of the expansion in the semiconductor sector, and their impact on domestic inflation and growth.

Finally, I would like to address the future direction of monetary policy. While inflation is forecast to remain above the target level for a considerable time, economic growth is expected to continue its solid improvement trend. Regarding financial stability, it is necessary to remain cautious about risks such as exchange rate volatility and housing prices in Seoul and its surrounding areas and household debt. Taking these factors into account, it is judged necessary to raise the Base Rate at an appropriate time. In this process, the Board will decide the timing and pace of any Base Rate hikes, based on incoming data, assessing the extent of the increase in inflationary pressure, the improvement trend in the domestic economy, and financial stability.

International Investment Position(Q1 2026)

Wed, 27 May 2026 12:00:00 +0900

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Business Survey and Economic Sentiment Index (ESI) for May 2026

Wed, 27 May 2026 06:00:00 +0900

※ Refer to the attached file for details

Borrower-Level Household Debt Statistics in Q1 2026

Fri, 22 May 2026 12:00:00 +0900

Please refer to attached files.

Consumer Tendency Survey for May 2026

Fri, 22 May 2026 06:00:00 +0900

The Composite Consumer Sentiment Index (CCSI) for May

2026 stood at 106.1, 6.9 points higher than that in April.

* Please refer to the attached files for details.

Producer Price Index - April 2026(preliminary)

Thu, 21 May 2026 06:00:00 +0900

* Please refer to the attached files for further details.

Household Credits in Q1 2026

Tue, 19 May 2026 12:00:00 +0900

□ Total household credits outstanding increased by 14.0 trillion won in Q1 2026 to stand at 1,993.1 trillion won as of end-Mar, with household loans totaling 1,865.8 trillion won and merchandise credits 127.3 trillion won.

o Household loans increased by 12.9 trillion won during the quarter, and merchandise credits increased by 1.1 trillion won.

Financial Market Trends in April 2026

Sun, 17 May 2026 19:30:00 +0900

Please refer to the attached files.

Export/Import Price Indexes and Trade Indexes - April 2026(preliminary)

Fri, 15 May 2026 06:00:00 +0900

* Please refer to the attached files for further details.

Issuance of 48th World Heritage Committee Commemorative Coins

Thu, 14 May 2026 12:00:00 +0900

* Please refer to the attached files.

Monetary and Liquidity Aggregates (March 2026)

Wed, 13 May 2026 12:00:00 +0900

□ Broad Money (M2, seasonally adjusted, period-average) increased by 0.4% compared to the previous month.

Balance of Payments during March 2026 (preliminary)

Fri, 08 May 2026 08:00:00 +0900

□ For March 2026, the Korean current account registered a surplus of 37.33 billion dollars.

□ Looking at the financial account, net assets increased by 36.99 billion dollars during March 2026.

Official Foreign Reserves(April 2026)

Thu, 07 May 2026 06:00:00 +0900

Please refer to attached files.

Interest Rates (Mar 2026)

Tue, 28 Apr 2026 12:00:00 +0900

□ In March 2026, the average interest rate on new deposits was 2.82%, down 1 basis points from the previous month.

― The average interest rate on outstanding amounts of deposits as of end-March was 2.00%, down 1 basis points from the previous month.

□ In March 2026, the average interest rate on new loans was 4.20%, down 6 basis points from the previous month.

― The average interest rate on outstanding amounts of loans as of end-March was 4.27%, same as the previous month.

Business Survey and Economic Sentiment Index (ESI) for April 2026

Tue, 28 Apr 2026 06:00:00 +0900

※ Refer to the attached file for details

Real Gross Domestic Product: First Quarter of 2026 (Advance Estimate)

Thu, 23 Apr 2026 08:00:00 +0900

◈ Real gross domestic product (chained volume measure of GDP) increased by 1.7 percent in the first quarter of 2026

compared to the previous quarter―in year-on-year terms it increased by 3.6 percent.

◈ Real gross domestic income (GDI) increased by 7.5 percent compared to the previous quarter―in year-on-year terms it increased by 12.3 percent.

※ Refer to the attached file for details.

Consumer Tendency Survey for April 2026

Thu, 23 Apr 2026 06:00:00 +0900

The Composite Consumer Sentiment Index (CCSI) for April

2026 stood at 99.2, 7.8 points lower than in March.

* Please refer to the attached files for details.

Producer Price Index - March 2026(preliminary)

Wed, 22 Apr 2026 06:00:00 +0900

* Please refer to the attached files for further details.

Loan Officer Survey on Financial Institution Lending(Developments in Q1 2026 and Outlook for Q2 2026)

Tue, 21 Apr 2026 12:00:00 +0900

※ Please refer to the attached file for details

Inauguration of Bank of Korea Governor

Tue, 21 Apr 2026 10:00:00 +0900

The Bank of Korea Governor, Shin Hyun Song, was inaugurated on April 21, 2026.

* Please refer to the attached file for the inaugural address.

Trade Settlement Currency in Korea 2025

Thu, 16 Apr 2026 12:00:00 +0900

□ The settlement currency for exports:

US dollar(84.2%), euro(5.9%), Korean won(3.4%), Japanese yen(1.9%), Chinese yuan(1.3%)

□ The settlement currency for imports:

US dollar(79.3%), Korean won(6.6%), euro(6.0%), Japanese yen(4.0%), Chinese yuan(3.2%)

* Please refer to the attached file for details.

Monetary and Liquidity Aggregates (February 2026)

Wed, 15 Apr 2026 12:00:00 +0900

□ Broad Money (M2, seasonally adjusted, period-average) increased by 0.0% compared to the previous month.

Export/Import Price Indexes and Trade Indexes - March 2026(preliminary)

Wed, 15 Apr 2026 06:00:00 +0900

* Please refer to the attached files for further details.

Recent Economic Developments (April 2026)

Fri, 10 Apr 2026 12:00:00 +0900

▣ Korea's economy is expected to grow at a slower pace than previously anticipated, as the supply shock stemming from the war in the Middle East is likely to weigh on growth despite the robust semiconductor cycle and the supplementary budget.

▣ CPI inflation faces significant upward pressures from a rise in global oil prices, though government price stabilization measures are expected to partially mitigate such pressures.

▣ Uncertainty surrounding both the growth and inflation outlook has heightened, as geopolitical risks have escalated amid the uncertain path of the U.S. tariff policy.

★Monetary Policy Decision & Opening Remarks to the Press Conference(April 10, 2026)

Fri, 10 Apr 2026 10:30:00 +0900

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 period. There is a high degree of uncertainty surrounding the future course of developments in the Middle East, amid rising upside pressures on inflation, increasing downside risks to growth, and heightened volatility in financial and foreign exchange markets stemming from the Middle East war. The Board, therefore, judged that it is appropriate to maintain the current level of the Base Rate while assessing developments of the conflict and their impacts.

The currently available information suggests that the global economy has continued its relatively favorable growth trend, supported by AI-related investment and fiscal expansion in major economies. However, growth is expected to weaken and inflation to increase, affected by energy price hikes and supply constraints stemming from the war in the Middle East. In global financial markets, volatility of major price variables has expanded significantly as risk-off sentiment has strengthened. Long-term government bond yields rose sharply due to concerns over increases in inflation and subsequent changes in expectations for monetary policy, while the US dollar strengthened and stock prices declined substantially. However, following the temporary ceasefire now between the US and Iran, this trend has partially reversed. Looking ahead, the global economy and financial markets will be affected by developments in the Middle East conflict, by changes in monetary and fiscal policies in major economies and in the trade environment, and by the AI investment trend.

The domestic economy has continued its improvement trend, supported by strong exports and a recovery in consumption, and the increase in the overall number of employed persons has continued to grow. Since the outbreak of the Middle East conflict, however, downward pressure on growth has increased, with economic sentiment weakening and production constraints occurring in some industries. Going forward, growth in the domestic economy is expected to decelerate more than previously projected, as higher energy prices and supply constraints weigh on the impacts of strong semiconductor exports and the implementation of a supplementary budget. Accordingly, the growth rate for this year is expected to be below the February forecast of 2.0%. However, the future path of economic growth will be largely affected by developments in the Middle East, changes in the trade environment, and the trajectories of the semiconductor cycle and of the recovery in domestic demand.

Consumer price inflation rose from February to 2.2% in March, driven by a sharp increase in the prices of petroleum products, while core inflation (excluding food and energy) declined slightly to 2.2%, reflecting a slower increase in the prices of personal services. Short-term inflation expectations among the general public rose slightly from the previous month, to 2.7%. Looking ahead, inflation is expected to rise to the mid- to upper 2% range as upward pressure increases significantly due to increases in global oil prices, although the government’s price stabilization measures are expected to partially mitigate this pressure. Accordingly, consumer price inflation for the year is expected to exceed considerably the February forecast of 2.2%, while core inflation is also likely to be somewhat higher than the previous forecast of 2.1%. Uncertainty surrounding the future path of inflation remains very high, due to movements in global oil prices and the exchange rate, to the effects of the government’s price stabilization measures, and to the extent of cost-pressure transmission.

In financial and foreign exchange markets, the volatility of major price variables has increased significantly. The Korean won to US dollar exchange rate rose to the 1,500 won range due to US dollar appreciation following the war in the Middle East and net sales of domestic stocks by foreign investors, but it declined after the temporary ceasefire between the US and Iran. Korean Treasury bond yields rose sharply due to concerns about inflation at home and abroad and due to the subsequent changes in expectations for monetary policy, and then declined. Stock prices fluctuated significantly after sustaining a steep upward trend, undergoing a correction followed by a partial rebound. Household loans continued their low rate of increase due to the sustained tightening stance of the government’s macroprudential policy. Housing price increases in Seoul and its surrounding areas have slowed and expectations for price increases have also moderated under the influence of the government’s real estate market stabilization measures, but it is necessary to further assess whether a trend toward stabilization will take hold.

The Board will continue to conduct monetary policy in order to stabilize consumer price inflation at the target level over the medium-term horizon as it monitors economic growth while paying attention to financial stability. The domestic economy is facing both increased upside risks to inflation and downside risks to growth due to the war in the Middle East, while uncertainty in the outlook remains significantly high. Regarding financial stability, it is necessary to remain cautious about the impact of increased exchange rate volatility and to continue to monitor whether a stabilization trend in housing prices in Seoul and its surrounding area and in household debt will be sustained. Therefore, the Board will make its policy decisions while closely monitoring changes in domestic and external policy conditions, such as the war in the Middle East, and examining the resulting impacts on inflation, growth, and financial stability.

All seven Monetary Policy Board members unanimously supported the decision to keep the Base Rate unchanged.

Opening Remarks to the Press Conference (April 10, 2026)

External conditions have changed significantly following the outbreak of the war in the Middle East shortly after the February Monetary Policy Board meeting. The closure of the Strait of Hormuz and damage to energy infrastructure have led to a sharp surge in global oil prices and have also strained the energy supply. Although the United States and Iran agreed this week to a two-week ceasefire, it remains highly uncertain whether they will smoothly reach a final peace agreement. Even if the situation shifts to a stabilization phase, it is expected to take a considerable period of time for energy supply chains to return to normal.

Accordingly, global economic growth is expected to weaken relative to earlier projections, while inflation is likely to increase. The extent of these developments will depend on the duration of the war in the Middle East as well as on resulting changes in global energy supply-demand conditions and price movements.

In global financial markets, the volatility of major price variables has expanded significantly as risk-off sentiment has strengthened. Long-term government bond yields rose sharply, driven by adjustments of expectations for monetary policy in major economies due to concerns over increases in inflation, while the US dollar strengthened and stock prices in major economies declined substantially. However, following the temporary ceasefire now between the US and Iran, this trend has partially reversed.

Next, looking at domestic conditions, growth in the domestic economy had been stronger than expected through the first quarter, supported by continued strong export growth and a continued recovery in consumption. Since the outbreak of the Middle East conflict, however, downward pressure on growth has increased, with economic sentiment weakening and production constraints occurring in some industries related to energy. Going forward, growth in the domestic economy is expected to decelerate due to higher energy prices and supply constraints, while robust export growth in sectors such as semiconductors and the implementation of the government’s supplementary budget are expected to mitigate downward pressure on the economy to some extent.

Accordingly, the growth rate for this year is projected to be below the February projection of 2.0%, while the future path of economic growth will be largely affected by developments in the Middle East, changes in the trade environment, and the trajectories of the semiconductor cycle and of the recovery in domestic demand.

Regarding domestic inflation, consumer price inflation rose to 2.2% in March from 2.0% in February, driven by a sharp increase in petroleum product prices, despite the government’s measures, such as a price ceiling system for petroleum products, that helped ease the impacts of increases in global oil prices. Core inflation (excluding food and energy) declined from 2.3% to 2.2%, reflecting a slower increase in the prices of personal services. Short-term inflation expectations among the general public rose slightly to 2.7%.

Looking ahead, inflation is expected to rise to the mid- to upper 2% range as upward pressure increases significantly due to increases in global oil prices, although the government’s price stabilization measures are expected to partially mitigate this pressure. Accordingly, consumer price inflation for this year is expected to exceed considerably the February forecast of 2.2%, while core inflation is also likely to be somewhat higher than the previous forecast of 2.1%. However, uncertainty surrounding the future path of inflation also remains very high, related to movements in global oil prices and the exchange rate, to the effects of the government’s price stabilization measures, and to the extent of cost-pressure transmission.

Looking at housing markets and the household debt situation, household loans in the financial sector continued a low growth pace as other loans increased due to demand related to stock investment while the government’s macroprudential policy stance remained tight. Housing price increases in Seoul and its surrounding areas have slowed and expectations for price increases also have moderated under the influence of the government’s real estate market stabilization measures. However, in the outer areas of Seoul and non-regulated areas in the Seoul metropolitan region, housing transactions have increased and housing prices have continued to rise.

Lastly, I will explain the background to the Base Rate decision, which reflects the above mentioned domestic and external conditions. There is a high degree of uncertainty surrounding the future course of developments in the Middle East, amid rising upside pressures on inflation, increasing downside risks to growth, and heightened volatility in financial and foreign exchange markets stemming from the Middle East war. The Board, therefore, judged that it is appropriate to maintain the current level of the Base Rate while assessing developments of the conflict and their impact. All the Board members unanimously supported this decision.

To explain our decision in more detail, the domestic economy is currently facing supply shocks driven by the war in the Middle East. The basic principle of monetary policy in response to supply shocks is clear. If the shocks are temporary, it is desirable to look through those shocks and not respond with interest rate adjustments, taking into account monetary policy transmission lags. On the other hand, if the shocks are prolonged, leading to a broadening of inflationary pressures and heightened inflation expectations, a monetary policy response is required. However, for the time being, it remains difficult to assess how the Middle East situation will develop.

Comparing the current policy environment and the nature of the shock with those during the high inflation period after the Russia-Ukraine war in 2022, when I took office, both the possibility of a firm monetary policy response, as at that time, and the possibility of not doing so remain open. During the Russia-Ukraine war, economic activity was in a phase of recovery, driven by a rebound in consumption that had been suppressed during the COVID-19 pandemic. Accordingly, the shocks stemming from the Russia-Ukraine war acted as a factor pushing up inflation significantly rather than slowing down economic activity, and it was necessary to respond actively to inflationary pressures through interest rate hikes. In contrast, whereas the Russia-Ukraine war had a greater impact on Europe, which has a high dependence on Russian natural gas, the current war is having a larger impact on Asia, where the dependence on Middle Eastern crude oil imports is high. In particular, although the economy is improving, the recovery remains relatively weak due to disparities across sectors, and as the shock has occurred under these conditions, the war is likely to have a significant impact not only on inflation but also on economic activity, raising concerns about the trade-off between inflation and growth. That said, compared with the period of the Russia-Ukraine war, the exchange rate is at a significantly higher level, and economic agents may respond more sensitively to changes in prices as they experienced a period of high inflation following the pandemic. Therefore, it is necessary to remain mindful of the increased possibility that inflation expectations could become unstable.

In consideration of these factors as a whole, the Board decided at this meeting to maintain the current level of the Base Rate. This decision was not simply to defer policy action due to heightened uncertainty, but to more closely assess the evolution of the war in the Middle East and its spillover effects in determining the policy direction.

Therefore, going forward, the Board will determine its policy direction based on additional information related to the war in the Middle East and economic indicators. It will closely assess the magnitude and persistence of the impact of the shock from the war on domestic inflation and growth.

Flow of Funds during 2025(preliminary)

Thu, 09 Apr 2026 12:00:00 +0900

- During 2025, the net lending of the total economy (combined domestic sectors) was 158.2 trillion won, representing an increase when compared to the previous year (116.6 trillion won).

- Refer to the attached file for details.

Financial Market Trends in March 2026

Wed, 08 Apr 2026 19:30:00 +0900

Please refer to the attached files.

Balance of Payments during February 2026 (preliminary)

Wed, 08 Apr 2026 08:00:00 +0900

□ During February 2026, the Korean current account registered a surplus of 23.19 billion dollars.

□ Looking at the financial account, net assets increased by 22.80 billion dollars during February 2026.

Official Foreign Reserves(March 2026)

Fri, 03 Apr 2026 06:00:00 +0900

Please refer to attached files.

Financial Authorities Finalize the Benchmark Rate Reform Plan

Mon, 30 Mar 2026 14:00:00 +0900

□ On March 30 2026, the Bank of Korea and the Financial Services Commission held the 6th Benchmark Rate and Short-Term Financial Market Consultation to finalize the benchmark rate reform plan.

Bank of Korea Extends Operating Hours of BOK-Wire+

Sun, 29 Mar 2026 12:00:00 +0900

□ Effective on March 30, 2026, The Bank of Korea will extend the operating hours of BOK-Wire+, its real-time gross settlement system(RTGS), from the current 09:00–17:30 to 09:00–20:00, representing an extension of two hours and thirty minutes.

* Refer to the attached file for details

Interest Rates (Feb 2026)

Fri, 27 Mar 2026 12:00:00 +0900

□ In February 2026, the average interest rate on new deposits was 2.83%, up 5 basis points from the previous month.

― The average interest rate on outstanding amounts of deposits as of end-February was 2.01%, same as the previous month.

□ In February 2026, the average interest rate on new loans was 4.26%, up 2 basis points from the previous month.

― The average interest rate on outstanding amounts of loans as of end-February was 4.27%, up 2 basis points from the previous month.