South Korea Bank of Korea Base Rate (South Korea) - Historical Data
Historical time series of the South Korea Bank of Korea Base Rate set by the Bank of Korea (BOK) from 1999 to 2026. From 7 Mar 2008 onwards: Bank of Korea base rate; from 6 May 1999 to 6 Mar 2008: target overnight call rate(base rate). The latest benchmark reading is 3.00% (Sep 2026), corresponding to an ex-post real policy rate of +0.21% after adjusting for South Korea headline CPI inflation (2.79%).
Current Statistics & Historical Records
Peak monetary tightening by Bank of Korea (South Korea Bank of Korea Base Rate).
Lowest policy interest rate stance set by Bank of Korea.
28 annual observations · Monthly
South Korea Bank of Korea Base Rate (South Korea) (1999-2026)
% p.a.Drag to pan, scroll to zoom, or toggle between full archive (1999–2026) and recent monthly observations.
BOK Policy Rate Averages by Decade
Decadal mean, peak, and trough across the 1999–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1990s | 1999–1999 | 4.75% | 4.75% (1999) | 4.75% (1999) |
| 2000s | 2000–2009 | 3.88% | 5.25% (2000) | 2.00% (2009) |
| 2010s | 2010–2019 | 2.02% | 3.25% (2011) | 1.25% (2016) |
| 2020s | 2020–2026 | 2.39% | 3.50% (2023) | 0.50% (2020) |
Complete Annual Historical Ledger (1999–2026)
Unit: % p.a. · Source: Bank for International Settlements (BIS) & Bank of Korea (WS_CBPOL:M:KR)
| Year | Annual Value (% p.a.) | Real Policy Rate (CPI-Adj) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|---|
| 2026 | 3.00% | +0.45% | 2.50% – 3.00% | - |
| 2025 | 2.50% | +0.38% | 2.50% – 3.00% | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 3.00% | +0.67% | 3.00% – 3.50% | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 3.50% | -0.11% | 3.50% – 3.50% | - |
| 2022 | 3.25% | -1.84% | 1.25% – 3.25% | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | 1.00% | -1.50% | 0.50% – 1.00% | - |
| 2020 | 0.50% | -0.04% | 0.50% – 1.25% | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | 1.25% | +0.87% | 1.25% – 1.75% | - |
| 2018 | 1.75% | +0.27% | 1.50% – 1.75% | - |
| 2017 | 1.50% | -0.45% | 1.25% – 1.50% | - |
| 2016 | 1.25% | +0.28% | 1.25% – 1.50% | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | 1.50% | +0.79% | 1.50% – 2.00% | - |
| 2014 | 2.00% | +0.72% | 2.00% – 2.50% | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | 2.50% | +1.20% | 2.50% – 2.75% | - |
| 2012 | 2.75% | +0.56% | 2.75% – 3.25% | - |
| 2011 | 3.25% | -0.78% | 2.75% – 3.25% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 2.50% | -0.44% | 2.00% – 2.50% | - |
| 2009 | 2.00% | -0.77% | 2.00% – 2.50% | - |
| 2008 | 3.00% | -1.67% | 3.00% – 5.25% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 5.00% | +2.47% | 4.50% – 5.00% | - |
| 2006 | 4.50% | +2.26% | 3.75% – 4.50% | - |
| 2005 | 3.75% | +0.99% | 3.25% – 3.75% | - |
| 2004 | 3.25% | -0.34% | 3.25% – 3.75% | - |
| 2003 | 3.75% | +0.23% | 3.75% – 4.25% | - |
| 2002 | 4.25% | +1.49% | 4.00% – 4.25% | - |
| 2001 | 4.00% | -0.07% | 4.00% – 5.25% | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 5.25% | +2.99% | 4.75% – 5.25% | - |
| 1999 | 4.75% | +3.94% | 4.75% – 4.75% | Launch of the Euro and establishment of the European Central Bank (ECB) |
Frequently Asked Questions - BOK Policy Rate
What is the current South Korea Bank of Korea Base Rate?
As of Sep 2026, the South Korea Bank of Korea Base Rate is 3.00% per annum. Adjusted for headline inflation (2.79%), the ex-post real policy rate in South Korea stands at +0.21%.
What was the highest and lowest Bank of Korea interest rate on record?
Across the 1999-2026 archive, the South Korea Bank of Korea Base Rate reached a record high of 5.25% in Oct 2000 and a record low of 0.50% in May 2020. The long-run annual mean is 2.88%.
What is the Bank of Korea inflation target?
The Bank of Korea operates with an official inflation target of 2.0% CPI Target. Its statutory mandate is: Contribute to the sound development of the national economy by pursuing price stability.
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS) & Bank of Korea
- Dataset / Dataflow:
- BIS Central Bank Policy Rates (WS_CBPOL)
- Canonical Series ID:
- WS_CBPOL:M:KR
- Reuse & License:
- Terms of permitted use of BIS statistics
- Primary compilation: From 7 Mar 2008 onwards: Bank of Korea base rate; from 6 May 1999 to 6 Mar 2008: target overnight call rate(base rate).
- Reporting agency: Bank of Korea; harmonized and disseminated via the BIS WS_CBPOL statistical dataflow.
- Annual table values represent the year-end (December or latest available month) policy rate reading; minimum and maximum columns record the intra-year policy rate corridor.
- Ex-Post Real Policy Rate series is computed as Nominal Policy Rate (% p.a.) minus contemporaneous year-on-year Headline CPI Inflation (% from BIS WS_LONG_CPI).
Cite This Dataset (APA & BibTeX)
@misc{cbd_cbpol_south_korea,
author = {CentralBankData.com},
title = {South Korea Bank of Korea Base Rate (South Korea)},
note = {Compiled from Bank for International Settlements WS_CBPOL:M:KR},
year = {2026},
url = {https://centralbankdata.com/south-korea-base-rate}
}