Bank of Korea keeps its Base Rate unchanged at 3.00%
22 October 2026
The rate-setting board of the Bank of Korea has held the country's policy rate, the Base Rate, at 3.00%.
All seven members of the board backed the decision, so there was no dissent.
The board said consumer prices are still rising at a rate of around 3%.
Consumer price inflation was 2.9% in September, and core inflation, which leaves out food and energy, was 2.8%.
The board also said growth this year and next should come out considerably higher than its August forecasts of 3.3% and 2.9%.
The Base Rate is the policy interest rate of the Republic of Korea's central bank, and it guides what banks there charge and pay.
The board said it will weigh inflation, financial imbalances tied to housing and household debt, and the effect of its two earlier rate rises, in deciding when and how fast to raise the rate further.
In plain words
Base Rate The policy interest rate of the Bank of Korea — The rate the central bank sets to steer borrowing costs across the economy.
Core inflation Price rise excluding food and energy — A measure that strips out the items whose prices jump about the most.