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Monetary Policy Decision(November 28, 2024)

The Monetary Policy Board (MPB) of the Bank of Korea decided to lower the Base Rate by 25 basis points,
from 3.25% to 3.00% for the intermeeting period.

2024 Central Banking Study Program

Strengthening participant capacities and
enhancing communication channels among central banks

BOK Base Rate 3.00% Inflation Target 2.0%

BOK Issue

Korea Economic Outlook Economic Outlook (November 2024) Economic growth is expected to moderate from 2.2% this year to 1.9% next year, with the recovery of domestic demand remaining moderate and growth in exports, which has been strong over the past quarters, gradually slowing down. 2024. 11. 28

BOK Regional Economic Report (BOK Golden Book) Regional Economic Report (September 2024) Our survey results show that regional economic activity in the third quarter of 2024 slightly improved compared to the previous quarter. Manufacturing production remained flat, with an increase in the semiconductor and display industries, despite a decrease in the motor vehicles and iron & steel industries. Services production increased slightly, with an increase in the real estate and transportation industries despite remaining flat in the wholesale & retail trade and finance & insurance industries. 2024. 10. 17

Monetary Policy Report Executive Summary for Monetary Policy Report (September 2024) Looking at economic and financial developments at home and abroad between February and August 2024 and at the outlooks for these developments, the global economy is expected to continue its modest growth, affected by the sustained slowing trend of inflation and the continued easing of monetary policy stances in major countries. However, uncertainties regarding their economic trends have increased somewhat. 2024. 09. 12

Topics Climate Change Climate change is the greatest threat facing the world and a critical challenge for the international community. As global efforts intensify to reduce greenhouse gas emissions and achieve carbon neutrality by 2050, these efforts present real risks to households, businesses, and nations alike—but they also offer opportunities for future growth. The Bank of Korea assesses how climate risks and the transition to a net-zero society will impact the Korean economy in the long term and will recommend effective policy measures. 2024. 09. 12

Financial Stability Report Financial Stability Report (June 2024) Korea’s financial system has remained stable overall, as the resilience of financial institu- tions and Korea’s external payment capacity maintained favorable conditions amid a re- covery in the real economy. 2024. 09. 02

Annual Report on the Payment and Settlement Systems Payment and Settlement Systems Report 2023 In 2023, innovation in payment and settlement systems continued apace as further progress was made in the convergence of finance and IT. The turmoil at Silicon Valley Bank in the U.S. sparked concerns about potential digital bank runs on domestic institutions, highlighting the need to shore up the safety of payment and settlement systems. In the international community, amid active discussions about the introduction of central bank digital currencies (CBDCs), final recommendations for the regulation of global stablecoin arrangements were issued. Efforts to enhance the efficiency of payment and settlement infrastructure were also stepped up, with central banks and international organizations leading the charge. 2024. 08. 29

Research Papers

BOK Issue Note Stylized Facts and Implications of the Price Level in Korea: With a Focus on Comparisons with Other Major Countries [BOK Issue Note 2024-14] Despite the recent slowdown in inflation, the price level in Korea has increased considerably due to the accumulated impact of price hikes... 2024.11.29

BOK Issue Note Structural Changes in the Korean Economy and Policy Implications in Relation to Global Supply Chains [BOK Issue Note 2024-28] The perception of global supply chains has shifted dramatically. Once hailed as the engine of economic growth, global supply chains are now seen ... 2024.11.18

Monetary Policy Reports Monetary Policy Report (September 2024) - This report is the English version of the Bank of Korea's Monetary Policy Report published on September 12, 2024. In case of any inconsi... 2024.11.15

BOK Working Paper (in English) BOK Working Paper No.2024-13, Exploring the Natural Interest Rate in Korea: A Multi-Model Approach Author : Kyeongtak Do(Bank of Korea), Ju Hyun Ahn(Bank of Korea), Hae Ri Jung(Bank of Korea) To explore the historical and recent developments of t... 2024.11.03

BOK Working Paper (in English) BOK Working Paper No.2024-12, Digital Literacy and Physical Cash Demand during the COVID-19 Pandemic Author : Kyeongtae Lee(Bank of Korea), Jaevin Park(Soongsil University) We examine the impact of the COVID-19 pandemic on consumers’ cash demand an... 2024.10.31

BOK Regional Economic Report (BOK Golden Book) Regional Economic Report (September 2024) This is a condensed English version of the Regional Economic Report published in Korean on September 30, 2024. Regional economic conditions in the Rep... 2024.10.17

Korea Economic Outlook Consumption: Where It Stands and Where It's Headed (Korea Economic Outlook (August 2024) BOX 3) This is a translation of the Economic Outlook (August 2024) BOX 3, "Consumption: Where It Stands and Where It's Headed" 2024.10.15

Quarterly/Economic Analysis [Vol.30 No.3] Causes and Policy Implications for Ultra-Low Birth Rates: Evidence from OECD Countries Author: Won Sung(Bank of Korea), Inkyung Yoo(Bank of Korea), Jongwoo Chung(Bank of Korea) We analyze the determinants of the total fertility rate cha... 2024.09.30

Quarterly/Economic Analysis [Vol.30 No.3] Improving the Cyclical Property of the Employment Measures Author: Jaeyoung Seo(Bank of Korea), Dongweon Lee(Bank of Korea), Yongsung Chang(Bank of Korea), Jay H. Hong(Seoul National University) The official... 2024.09.30

Quarterly/Economic Analysis [Vol.30 No.3] The Long-Term Effect of Unemployment Experience on Household Consumption Author: Young Jun Choi(Bank of Korea) Household consumption in Korea has not recovered from the previous increase after slowing down relatively signi... 2024.09.30

Korea Economic Outlook Korea Economic Outlook (August 2024) In order to provide a detailed understanding of Korea's economic outlook, a translation of the Economic Outlook is now published quarterly. 2024.09.28

BOK Issue Note The Importance of Social Skills in Korean Labor Market [BOK Issue Note 2024-13] ① With the development of AI and other automation technologies, structural changes in labor demand across various occupations have become increas... 2024.09.13

Monetary Policy Reports Executive Summary for Monetary Policy Report (September 2024) - This report is the English version of the Bank of Korea's Monetary Policy Report published on September 12, 2024. In case of ... 2024.09.12

BOK Working Paper (in English) BOK Working Paper No.2024-10, Using Density Forecast for Growth-at-Risk to Improve Mean Forecast of GDP Growth in Korea Author : Yoosoon Chang(Indiana University), Yong-gun Kim(Bank of Korea), Boreum Kwak(Bank of Korea), Joon Y. Park(Indiana University) In this paper... 2024.09.06

BOK Working Paper Paper (in Korean) BOK Working Paper No.2024-11, Trends in the Korea Yield Curve: Implications for the Term Premium Dynamics Author : Kyu Ho Kang(Korea University), Byung Soo Koo(Bank of Korea) In this paper, we introduce and estimate a novel five-factor affine term struc... 2024.09.06

Financial Stability Report Financial Stability Report (June 2024) - 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 Jun... 2024.09.02

Annual Report on the Payment and Settlement Systems Payment and Settlement Systems Report 2023 In 2023, innovation in payment and settlement systems continued apace as further progress was made in the convergence of finance and IT. The turmoil a... 2024.08.29

BOK Issue Note Worker Preferences for Job Amenities and Implications for the Labor Market [BOK Issue Note 2024-10] ① Recent trends indicate worker s increasingly value work ing conditions ( job amenit ies as highly as wages. This s hift suggests that a conside... 2024.08.14

Korea Economic Outlook Korea Economic Outlook (May 2024), full version In order to provide a detailed understanding of Korea's economic outlook, a full translation of the Economic Outlook is now published quarterly. 2024.07.25

BOK Working Paper (in English) BOK Working Paper No.2024-9, Inflation Disagreement and Monetary Transmission in Korea Author : Kwak Boreum(Bank of Korea), Shim Seri(Bank of Korea), Peter Tillmann(University of Giessen) We study the effect of time-varying disagreeme... 2024.07.22

Press Releases

Economic Outlook (November 2024) ▣Bank of Korea forecasts GDP growth at 2.2% in 2024 and 1.9% in 2025. ￭ The growth forecasts for this year and next year hav... 2024.11.28

★Monetary Policy Decision & Opening Remarks to the Press Conference(November 28, 2024) Monetary Policy Decision The Monetary Policy Board of the Bank of Korea decided today to lower the Base Rate by 25 basis poi... 2024.11.28

Interest Rates (Oct 2024) □ In October 2024, the average interest rate on new deposits was 3.37%, down 3 basis points from the previous month. ... 2024.11.27

Business Survey and Economic Sentiment Index (ESI) for Nov 2024 ※ Refer to the attached file for details 2024.11.27

2021-2022 Updated Input-Output Tables Please refer to the attached files. 2024.11.26

Consumer Survey for November 2024 The Composite Consumer Sentiment Index (CCSI) for October 2024 stood at 100.7, lower than that in October by 1.0&nb... 2024.11.26

International Investment Position(Q3 2024) Please refer to the attached. 2024.11.20

BOK Update

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