The Bank of Korea left its base rate unchanged at a record low of 0.5 percent during its April 2021 meeting, where it has been held since May last year. Policymakers said domestic economic recovery will strengthen gradually despite the recent spike in local COVID-19 cases, with GDP growth this year is expected to be above the February forecast of 3.0%, supported by exports and facilities investment while the sluggishness in private consumption eased. The central bank forecast that consumer price inflation this year will run above the path projected in February, fluctuating for some time at around 2% before declining slightly. Meantime, core inflation is forecast to rise gradually to the 1% range. The board reaffirmed its commitment to maintaining its accommodative stance while paying attention to changes in financial stability conditions such as fund flows to asset markets and household debt growth. source: The Bank of Korea
Interest Rate in South Korea averaged 2.97 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 May 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 and 1.50 percent in 2023, according to our econometric models.