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Monetary Policy Decision(October 23, 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 do central banks talk about “Structural Reform?” These days, many readers of BoK reports will often come across the term “structural reform”. If the economy’s fundamentals weaken further, the damage will be severe. Structural reform is the way forward. And without structural reform, monetary policy cannot breathe. Structural reform is a prerequisite for sustainable growth and a way to give monetary policy room to breathe. 2025. 10. 01

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

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

Annual Report on the Payment and Settlement Systems Payment and Settlement Systems Report 2024 In 2024, innovation in payment and settlement systems continued apace amid growing momentum in the digital transformation of finance. The Act on ... 2025.09.19

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

Press Releases

Recent Economic Developments (October 2025) ▣ Korea's economic growth will likely remain broadly in line with the August outlook of 0.9% this year, as consumption and exports remain on a fa... 2025.10.23

★Monetary Policy Decision & Opening Remarks to the Press Conference(October 23, 2025) Monetary Policy Decision The Monetary Policy Board of the Bank of Korea decided today to leave the Base Rate unchanged at 2.50% for the intermeeting ... 2025.10.23

Producer Price Index - September 2025(preliminary) □ The Producer Price Index increased by 0.4% month-on-month in September 2025 ―in year-on-year terms it increased by 1.2%. □ The month-on-month chan... 2025.10.22

Export/Import Price Indexes and Trade Indexes - September 2025(preliminary) □ The Export Price Index (KRW basis) increased 0.6 percent from the previous month. o The index increased 2.2 percent o... 2025.10.17

Financial Market Trends in September 2025 Please refer to the attached files. 2025.10.16

Flow of Funds during the 2nd quarter of 2025(preliminary) - During the second quarter of 2025, the net lending of the total economy (combined domestic sectors) was 41.5 trillion won, representing an... 2025.10.16

Monetary and Liquidity Aggregates (August 2025) □ Broad Money (M2, seasonally adjusted, period-average) increased by 1.3% 2025.10.15

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