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Monetary Policy Decision(August 28, 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

Monetary Policy Report Executive Summary for 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. 09. 11

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.2025-17, Dollar Dominance and International Spillovers of US Financial Shocks Author: Minkyu Son(Bank of Korea) This paper investigates how the global dominance of the US dollar amplifies the cross-border transmission of financ... 2025.09.15

BOK Working Paper Paper (in Korean) BOK Working Paper No.2025-16, The Impact of Demographic Change on Regional Labor Markets Author: Chulhee Lee(Seoul National Univ.), Jongwoo Chung(Bank of Korea) This study projects changes in the economically active population (... 2025.09.14

Monetary Policy Reports Executive Summary for Monetary Policy Report (September 2025) Monetary Policy Report at a Glance Monetary Policy Decisions Further Base Rate Cut from 2.75% to 2.5% With inflation remaining stable, increased... 2025.09.11

Financial Stability Report Financial Stability Report (June 2025) - 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 J... 2025.08.29

BOK Regional Economic Report (BOK Golden Book) Regional Economic Report (July 2025) This is a condensed English version of the Regional Economic Report published in Korean on July 28, 2025. Regional economic conditions in th... 2025.08.26

BOK Working Paper (in English) BOK Working Paper No.2025-15, Effect of Climate Change on the Korean Economy: Aggregated VAR with Functional Data Author: Jihyun Kim(Sungkyunkwan Univ.), Boreum Kwak(Bank of Korea) This study investigates the economic effects of climate change on small open econ... 2025.08.21

BOK Issue Note Characteristics and Implications of Housing Price Expectations [BOK Issue Note 2025-15] 1. [Background of the Analysis] Overheated housing price expectations can lead to excessive market reactions, such as "maxed-out loans (so-called... 2025.08.12

BOK Issue Note Decoupling Economic Growth from Carbon Emissions: A Cross-country Panel Analysis and Implications [BOK Issue Note 2025-03] Climate change; Sustainable growth; Environmental Kuznets Curve; Panel analysis 2025.08.01

BOK Issue Note What Can Korea Learn from Japan?[BOK Issue Note 2025-14] 1. Over the past half-century, Korea's economy has achieved remarkable success, widely regarded as a model admired by the world. Today, however, it st... 2025.08.01

Korea Economic Outlook Impact of Super-Aging on the Monetary Policy Environment: Implications for Korea (Korea Economic Outlook (May 2025) In-depth Analysis) This is a translation of the Economic Outlook (May 2025) In-depth Analysis, "Impact of Super-Aging on the Monetary Policy Environment: Implicat... 2025.07.30

BOK Working Paper (in English) BOK Working Paper No.2025-14, Macroeconomic Impacts of Climate Change under NGFS Scenarios Author: Young-Han Kim(Sungkyunkwan Univ.), Bok-Keun Yu(Bank of Korea) This paper examines the environmental and macroeconomic impacts of changes in ... 2025.07.22

Korea Economic Outlook Korea Economic Outlook (May 2025) In order to provide a detailed understanding of Korea's economic outlook, a translation of the Economic Outlook is now published quarterly. 2025.07.15

BOK Issue Note Covered Interest Parity Deviation (CIPD) in South Korea: Who Moves It and Why It Matters? [BOK Issue Note 2025-10] This paper studies supply- and demand-side drivers of covered interest parity deviations(CIPD) by leveraging novel micro-level transaction data from 2... 2025.07.14

BOK Issue Note Reconstructing the Bank of Korea’s Global Projection Model: Framework and Analysis [BOK Issue Note 2025-07] This paper introduces the redevelopment of the Bank of Korea’s Global Projection Model (BOK-GPM), a framework originally established in 2014, t... 2025.07.11

BOK Issue Note The Growing Elderly Self-Employed Population: Causes and Policy Responses [BOK Issue Note 2025-12] 1. Korea’s so-called second baby boomer generation (born between 1964 and 1974, totaling 9.54 million), the country’s largest single age cohort, began... 2025.07.01

BOK Issue Note Korea's Service Exports : Current Status and Future Direction [BOK Issue Note_2025-06] 1. Since the global financial crisis, the proportion of goods trade in global trade has declined, while the share and importance of services trade hav... 2025.06.30

Quarterly/Economic Analysis [Vol.31 No.2] Causes and Effects of Youth Migration Author: Kiseok Hong(Ewha Womans Univ.) The purpose of this study is to examine the interaction between migration and labor market conditions. Sp... 2025.06.30

Quarterly/Economic Analysis [Vol.31 No.2] Exchange Rate Volatility and Spot FX Trading Behavior of Korean Firms Author: Min Kim(Bank of Korea), Ju Hyun Pyun(Korea Univ.) This study investigates how Korean export- and import-oriented firms adjust their spo... 2025.06.30

BOK Issue Note Toward Sustainable Employment for Older Workers in Aging Korea [BOK Issue Note 2025-08] In South Korea, which has officially become a super-aged society, the active utilization of older workers is inevitable to mitigate labor supply short... 2025.06.23

BOK Issue Note Bank of Korea’s Open Market Operations: Navigating the Past, Envisioning the Future [BOK Issue Note 2025-11] 1. Central banks’ open market operations (OMO) have evolved in various ways in response to changes in the financial and economic conditions of each co... 2025.06.11

Press Releases

Monetary and Liquidity Aggregates (July 2025) □ Broad Money (M2, seasonally adjusted, period-average) increased by 0.8% 2025.09.16

Export/Import Price Indexes and Trade Indexes - August 2025(preliminary) □ The Export Price Index (KRW basis) increased 0.7 percent from the previous month. o The index decreased 1.0 percent o... 2025.09.16

Financial Market Trends in August 2025 Please refer to the attached files. 2025.09.10

Financial Statement Analysis for Q2 2025 In the second quarter of 2025, growth indicators of non-financial companies worsened compared to same period last year and profitability indicators di... 2025.09.10

Industrial Loans of Depository Corporations during Q2 2025 □ Depository corporations increased their industrial lending by 14.5 trillion won in the Second quarter of 2025. 2025.09.05

Balance of Payments during July 2025 (preliminary) □ During July 2025, the Korean current account registered a surplus of 10.78 billion dollars. □ Looking at the financial account, net asset... 2025.09.04

Gross National Income: Second Quarter of 2025 (Preliminary) ◈ Real gross domestic product (real GDP, chained volume measure of GDP) increased by 0.7 percent in the second quarter of 2025 compared to the pr... 2025.09.03

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