Bank of Korea raises rates to highest level since 2012

Governor says board expects to continue increasing rates “for some time”

Bank of Korea, Seoul
The Bank of Korea

South Korea’s central bank raised its benchmark interest rate today (November 24) by 25 basis points to 3.25%, its highest level since July 2012.

The Bank of Korea’s seven-member monetary policy board unanimously voted to raise the policy rate, a step down from its 50bp increase on October 12.The BoK has raised interest rates by a total of 275bp since it started its tightening cycle in August 2021.

Consumer price inflation was 5.7% year-on-year in October, up from 5.6% in September. The BoK

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account