The Bank of Korea kept its base rate unchanged at 0.75%, as widely expected, during its October 2021 meeting following its first rate hike in nearly three years in August. Policymakers, however, said further tightening could come as soon as November, amid efforts to curb rising inflation and household debt in the country. Policymakers noted the economy has continued its sound recovery as exports and investment continued their robust trend while private consumption improved following rising vaccination rates as well as the execution of a supplementary budget. Regarding economic outlook, South Korea's GDP growth this year is projected to be around 4%, consistent with the forecast in August. Meantime, 2021 consumer price inflation is forecast to run at the mid-2% level for some time, exceeding the path projected in August, before declining somewhat. Core inflation is forecast to increase to around the upper-1% level. source: The Bank of Korea
Interest Rate in South Korea averaged 2.91 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 October of 2021.
Interest Rate in South Korea is expected to be 1.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Interest Rate is projected to trend around 1.25 percent in 2022 and 1.50 percent in 2023, according to our econometric models.