Key data points
Last release
—
Observation period
Nov 28, 2024
Next release
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Forecast
—
Highest
5.25 % on Sep 30, 2008
Lowest
0.50 % on Jul 15, 2021
About South Korea interest rate
In South Korea the interest rates decisions are taken by the Bank of Korea’s (BOK) Monetary Policy Committee. The official interest rate is the Bank of Korea Base Rate which was changed from overnight call rate on March 2008.
Related indicators
Frequently Asked Questions
South Korea interest rate is 3% at the moment.
Last month South Korea interest rate was 3%, and the month before that it amounted to 3.25%.
Interest rate is the proportion of a loan that is charged as interest to the borrower, typically an annual percentage of the loan outstanding. When it comes to the national level, interest rate is a rate at which banks borrow money from a country's central bank.
Yes, negative interest rate can be used by the government as a monetary policy tool to stimulate economy growth.
Growing or falling interest rate can influence the country's economy, stimulate it or lower the inflation level. Even people can feel the effect of interest rate's movements — for example, if interest rate increases, loans get more expensive.