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Monetary Policy Decision (November 27, 2025)

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

2025 Central Banking Study Program

Strengthening participant capacities and
enhancing communication channels among central banks

BOK Base Rate 2.50% Inflation Target 2.0%

BOK Issue

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

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

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

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

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

Research Papers

BOK Working Paper (in English) BOK Working Paper No.2025-21, Impacts of Communication and Dot Plots on Interest Rates: the Case of Korea Author: Soohyon Kim (Chonnam National Univ.), In Do Hwang (Bank of Korea) This study examines the impact of forward guidance on short- and long... 2025.12.15

BOK Issue Note Understanding the Drivers of STEM Talent Outflows and Their Policy Implications [BOK Issue Note 2025-31] ① Science and engineering (STEM) talent plays a central role in driving future growth in areas such as digital transformation, artificial intelligence... 2025.12.15

BOK Issue Note The Impact of Weather and Day of the Week on Consumption: Evidence from High-Frequency Data [BOK Issue Note 2025-29] ① Daily card spending, captured through high-frequency datasets designed to monitor short-term consumption trends, varies substantially depending on b... 2025.11.28

BOK Issue Note Analysis of the Effectiveness of Macroprudential Policy and its Optimal Policy Mix with Monetary Policy in Korea 1. Amid prolonged economic slowdown and forecasts that Korea’s growth in 2025 and 2026 will remain below its potential, house prices in Seoul have con... 2025.11.24

BOK Issue Note Rapid Adoption of Artificial Intelligence and Its Productivity Effects: The Case of Korea [BOK Issue Note 2025-22] ① We conduct a household survey using a representative sample that reflects the occupational distribution of the general population. The data obtaine... 2025.11.21

BOK Issue Note Key Features and Implications of Recent U.S. Mutual Funds' Investments in Korean Securities [BOK Issue Note 2025-04] 1. Recently, foreign investment in Korean securities has generally shown net outflows, primarily driven by equity funds. On a longer time horizon, cap... 2025.11.20

BOK Working Paper (in English) BOK Working Paper No.2025-20, Public Demand and Financial Implications for Retail CBDC: A Randomized Survey Experiment Author: Duk Gyoo Kim(Yonsei Univ.), Ohik Kwon(Korea Univ.), Seungduck Lee(Sungkyunkwan Univ.) This study investigates the public demand for ret... 2025.11.13

BOK Working Paper (in English) BOK Working Paper No.2025-19, Diagnostic Expectations into Housing DSGE and Productive Investment Crowding-Out Effect Author: Junghyuk Lee(Bank of Korea), Jinwoon Yoon(Bank of Korea) This paper applies diagnostic expectations to analyze expectation formation in hous... 2025.11.11

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

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

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

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

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

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

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

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

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

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

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

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

Press Releases

Monetary and Liquidity Aggregates (October 2025) □ Broad Money (M2, seasonally adjusted, period-average) increased by 0.9% 2025.12.16

Statistics Release Schedule for 2026 Please refer to attached file. 2025.12.12

Export/Import Price Indexes and Trade Indexes - November 2025(preliminary) □ The Export Price Index (KRW basis) increased 3.7 percent from the previous month. o The index increased 7.0 perc... 2025.12.12

Financial Market Trends in November 2025 Please refer to the attached files. 2025.12.10

Industrial Loans of Depository Corporations during Q3 2025 □ Depository corporations increased their industrial lending by 20.2 trillion won in the third quarter of 2025. 2025.12.05

Balance of Payments during October 2025 (preliminary) □ During October 2025, the Korean current account registered a surplus of 6.81 billion dollars. □ Looking at the financial account, net assets i... 2025.12.05

Gross National Income: Third Quarter of 2025 (Preliminary) ◈ Real gross domestic product (real GDP, chained volume measure of GDP) increased by 1.3 percent in the third quarter of 2025 compared to the previous... 2025.12.03

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