The Bank of Korea left its base rate unchanged at a record low of 0.5 percent on January 15th, 2021, as widely expected. Policymakers said labor market conditions remained weak and uncertainties surrounding the economic outlook are judged to remain elevated. GDP growth this year is projected to be around 3.0%, generally consistent with the November forecast. Meantime, inflationary pressures on the demand side are forecast to remain weak. The board reaffirmed that it will maintain its accommodative monetary policy stance while assessing rising household debt, the development related to the pandemic, and its impact on the economy and financial markets. In 2020, the central bank has cut rates by 75 basis points. source: The Bank of Korea
Interest Rate in South Korea averaged 2.99 percent from 1999 until 2021, reaching an all time high of 5.25 percent in October of 2000 and a record low of 0.50 percent in May of 2020. This page provides - South Korea Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. South Korea Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2021.
Interest Rate in South Korea is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in South Korea to stand at 0.50 in 12 months time. In the long-term, the South Korea Interest Rate is projected to trend around 1.25 percent in 2022, according to our econometric models.