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Monetary Policy Decision(January 15, 2026)

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

BOK Base Rate 2.50% Inflation Target 2.0%

BOK Issue

Blog Misconceptions Regarding Bank of Korea’s RP Purchases and Liquidity Supply Misconceptions Regarding Bank of Korea’s RP Purchases and Liquidity Supply 2026. 01. 16

Blog Why Is the KRW Weakening Despite Abundant U.S. Dollar Liquidity in the Foreign Currency Funding Market? Why Is the KRW Weakening Despite Abundant U.S. Dollar Liquidity in the Foreign Currency Funding Market? 2026. 01. 19

blog Misconceptions and Facts about Current Liquidity and Exchange Rate Conditions Need to assess Claims that Excessive Korean Won Liquidity Has Driven US Dollar/Korean Won Exchange Rate Depreciation Since the end of last year, the US dollar/Korean won exchange rate has risen to the mid-to-high KRW 1,400 range. Against this backdrop, some have continued to argue that excessive growth in domestic liquidity (M2) has led to a depreciation of the Korean won. However, such claims do not consistent with the data or with economic realities. They have been amplified through various channels despite lacking a factual basis, and risk fueling unwarranted expectations of further exchange rate depreciation. For these reasons, it is necessary to set the record straight. 2026. 01. 20

blog AI in Everyday Life: How Workers Use AI Generative AI is no longer just something we hear about in the news. It has already become a part of everyday life—used for brainstorming new ideas, language translation, content creation, and technical analysis in a wide range of areas. Only a few years ago, many people saw it as a technology reserved for experts. Today, it has become a tool that almost anyone can use, at work and at home. So how often—and in what ways—are people actually using AI? And has it actually improved productivity? To find out the answers to these questions, we conducted Korea’s first representative survey on the use of generative A 2026. 01. 06

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 Issue Note Lifetime Impact of Delayed Labor Market Entry and Housing Cost Burden on the Youth Generation[BOK Issue Note 2026-2] The youth generation, by the nature of being in the entry phase of economic activity, inevitably has a weaker economic base compared to other age grou... 2026.01.28

BOK Working Paper (in English) BOK Working Paper No.2026-4, Brains to the Capital: Wage Gaps and the Regional Sorting of Skilled Migrants in South Korea Authors: Jongwoo Chung(Bank of Korea), Hyejin Kim(Pukyong National Univ.), Jongkwan Lee(Yonsei Univ.) During the late 2010s, South Korea experi... 2026.01.27

BOK Working Paper (in English) BOK Working Paper No.2026-3, U.S.-Korea Yield Synchronization and Its Implications for Monetary Policy Transmission Authors: Jihyun Kim·Somin Kim(Sungkyunkwan Univ.), Boreum Kwak(Soongsil Univ.) This paper develops a high-frequency measure of yield synchroni... 2026.01.27

BOK Working Paper Paper (in Korean) BOK Working Paper No.2026-2, An Analysis of Mortgage Borrowers’ Interest Rate Choice Author: Choi Young Jun(Bank of Korea) 2026.01.26

Korea Economic Outlook Korea Economic Outlook (November 2025) In order to provide a detailed understanding of Korea's economic outlook, a translation of the Economic Outlook is now published quarterly. 2026.01.22

BOK Working Paper (in English) BOK Working Paper No.2026-1, Predicting the Payment Preference for CBDC: A Discrete Choice Experiment Authors: Syngjoo Choi·Bongseop Kim·Young Sik Kim(Seoul National Univ.), Ohik Kwon(Korea Univ.), Soeun Park(Seoul National Univ.) To overcome the... 2026.01.22

BOK Issue Note Financial Frictions, UIP Premium, and the Integrated Policy Framework: The Case of Korea Emerging markets and developing economies (EMDEs) are vulnerable to external shocks. In the literature, it is well-documented that financial fric... 2026.01.15

BOK Issue Note Labor Market and Job Mobility of AI Professionals [BOK Issue Note 2025-36] We use LinkedIn-based online profile data to comprehensively analyze the scale, wages, and mobility of AI workers in Korea. Based on data covering abo... 2026.01.09

Quarterly/Economic Analysis [Vol.31 No.4] The Role of Permanent Demand Shocks in Economic Growth: A Case of Korea Author: Wongi Kim(Sungshin Womens' Univ.) This study analyzes the role of permanent demand shocks in explaining long-run GDP in Korea using a structu... 2025.12.31

Quarterly/Economic Analysis [Vol.31 No.4] The Relationship between House Price, Residential Area, and Fertility Rate: An Empirical Analysis Using Data from 83 Korean Cities Author: Seewon Kim(Chonnam National Univ.) The concentration of population in cities can have a positive effect on the fertility rate through agglom... 2025.12.31

BOK Issue Note Causes of the Structural Decline in Korea’s Economic Growth Following Economic Crises: Focusing on Corporate Investment Channels 1. Since the 1990s, Korea’s economic growth has experienced a structural slowdown, failing to return to its pre-crisis trend after undergoing a series... 2025.12.23

BOK Issue Note Stabilization of Net Foreign Assets: Outlook and Implications [Research background] Korea’s net foreign asset position has massively increased in recent years. As this phenomenon is accompanied by a rising demand... 2025.12.19

Financial Statement Analysis Financial Statement Analysis for 2024 FOREWORD The Bank of Korea is pleased to release the 2024 edition of its Financial Statement Analysis (FSA), published annually since 1960 to p... 2025.12.18

BOK Issue Note AI Diffusion and Youth Employment [BOK Issue Note 2025-30] This paper analyzes the impact of AI diffusion on youth employment (ages 15 to 29) using subscriber records from the National Pension Service, a compr... 2025.12.18

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

Press Releases

BI and BOK Continue Cooperation on Korea–Indonesia Cross-Border QR Payment Interlinkage □ On February 5, 2026, Bank Indonesia (BI) and Bank of Korea (BOK) reviewed the progress of the cross-border QR-based payment service interlinkag... 2026.02.05

Bank of Korea and Bank Indonesia Signed a Renewal of Bilateral Currency Swap Arrangement Bank of Korea and Bank Indonesia today announced a renewal of a bilateral currency swap arrangement (BCSA). The current extension will be effective f... 2026.02.05

Official Foreign Reserves(January 2026) Please refer to attached files. 2026.02.04

Interest Rates (Dec 2025) □ In December 2025, the average interest rate on new deposits was 2.90%, up 9 basis points from the previous month. ―... 2026.01.27

Business Survey and Economic Sentiment Index (ESI) for January 2026 ※ Refer to the attached file for details 2026.01.27

Consumer Tendency Survey for January 2026 The Composite Consumer Sentiment Index (CCSI) for January 2026 stood at 110.8, 1.0 point higher than that in December. * Please refer to the att... 2026.01.23

Real Gross Domestic Product: Fourth Quarter and Annual 2025 (Advance Estimate) ◈ Real gross domestic product (chained volume measure of GDP) decreased by 0.3 percent in the fourth quarter of 2025 ... 2026.01.22

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