Business · Economy · 31 mins ago
South Korea keeps its benchmark interest rate at 3%
The Bank of Korea kept its benchmark rate at 3% at a meeting on October 22.
The decision followed two rate increases in July and August aimed at addressing inflation risks.
The rate is the central bank’s main tool for influencing borrowing costs and economic activity.
Bank Governor Shin Hyun-song has said decisions on any further increases will consider inflation, economic conditions and financial stability.
The final rate decision of the year is scheduled for November 26.
The central bank has not said whether it will raise rates at that meeting.
South Korea’s central bank kept its benchmark interest rate at 3.00% on October 22.
The decision followed rate increases in July and August, and the Bank of Korea said it would assess their effects.
Inflation remained above the bank’s 2% target, while economic growth and housing-market concerns added pressure for further tightening.
Analysts said another increase could come at the central bank’s next policy meeting in November.
Higher borrowing costs are also increasing interest payments for households and businesses.
- Who
- The Bank of Korea’s Monetary Policy Board.
- What
- It kept the benchmark interest rate at 3.00%.
- When
- October 22, 2026.
- Where
- South Korea. The board met at a monetary policy meeting.
- Why
- It paused to assess the effects of July and August rate increases and the burden on borrowers. Inflation and economic conditions could still prompt another increase.
This story does not have two clearly opposing sides.
The Bank of Korea raised its benchmark rate from 2.50% to 2.75%.
The bank raised the rate again, to 3.00%.
The Monetary Policy Board kept the rate at 3.00%.
The year’s final rate-setting meeting is scheduled to take place.
- Benchmark rate
- 3.00%
- September consumer inflation
- 2.9%
- Bank of Korea inflation target
- 2.0%
- July rate
- Raised from 2.50% to 2.75%
- August rate
- Raised by 0.25 percentage points to 3.00%
9 sources
한은 총재 "이번 동결 '호미질'의 결실…정책 여력 확보"
Bank Sentral Korea Tahan Suku Bunga 3%, Inflasi Masih Panas
[속보] 한은, 기준금리 연 3.00% ‘매파적 동결’…11월 인상 가시화
한국은행, 기준금리 3.00% 동결…다음달 추가 인상 가능성
한은, 기준금리 3% 동결…두차례 연속 인상뒤 ‘숨고르기’
BOK Holds Rate as It Takes Stock of Back-to-Back Increases
[속보] 한은 금통위, 기준금리 3%로 동결
What people are saying
We plan to decide the timing and pace of additional increases while closely monitoring price and economic trends and financial stability.