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South Korea Interest Rate

Last Release
May 23, 2024
Actual
3.5
Units In
%
Previous
3.5
Frequency
Daily
Next Release
N/A
Time to Release
N/A
Highest
Lowest
Average
Date Range
Source
5.25
Oct 2000
0.5
May 2020
2.91 %1999-2024The Bank of Korea
In South Korea the interest rates decisions are taken by the Bank of Korea’s (BOK) Monetary Policy Committee. The official interest rate is the Bank of Korea Base Rate which was changed from overnight call rate on March 2008.

Latest Updates

The Bank of Korea (BoK) maintained its base rate at 3.5% during the May 2024 meeting, as widely expected. This marked the eleventh consecutive meeting of unchanged borrowing costs, underscoring the BoK's ongoing commitment to stability amidst an economy displaying robustness and resilience, showing no indications of deceleration. Inflation, while gradually tapering, continues to hover above the Bank's 2% target. Notably, the country's economy grew 3.4% in Q1 of 2024, marking its most rapid expansion since Q4 of 2021, prompting an upward revision of growth forecasts to 2.5% from the previous estimates of 2.1%. Furthermore, April 2024 witnessed a noteworthy development as the annual inflation rate eased for the first time in three months to 2.9%, although it remained above the BoK's target threshold.

South Korea Interest Rate History

Last 12 readings

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