The Bank of Korea raised its base rate by 25 basis points to 1% during its November 2021 meeting, as widely expected, the second-rate hike in three months, amid rising inflation and mounting household debt. The central bank said 2021 consumer price inflation will run considerably above 2%, exceeding the path projected in August, due to a surge in oil prices and the base effect from the fall in the prices of public services last year. For 2022, the inflation outlook was lifted to 2% from earlier projections of 1.5%. Regarding the GDP, the board noted the country's economy continued its sound recovery, supported by an improvement in private consumption and sustained exports and investment. 2021 GDP growth is expected to reach 4% and 3% next year. The board reiterated it will continue to manage the monetary policy with attention to financial stability while ensuring that the growth recovery continues and the inflation rate can be stabilized at the target level in the medium term. 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 December 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.