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Views Article – Sharenet Wealth

Asia, Forex

Bank of Korea unexpectedly cuts key interest rate

SEOUL, July 18 (Reuters) – South Korea’s central bank unexpectedly cut its policy interest rate for the first time in three years on Thursday, as uncertainties from a trade dispute with Japan add to growing concerns over the economy’s outlook.

The Bank of Korea said its Monetary Policy Board voted to cut the base rate by 25 basis points to 1.50%, ahead of expectations in a Reuters poll that the board would lower the rate next month..

The following is a chronology of the Bank of Korea’s main policy rate changes since it began setting the policy rate target in May 1999:

– – – –

July 18, 2019 Down 25 bp to 1.50%

Nov. 30, 2018 Up 25 bp to 1.75%

Nov. 30, 2017 Up 25 bp to 1.50%

June 9, 2016 Down 25 bp to 1.25%

June 11, 2015 Down 25 bp to 1.50%

March 12, 2015 Down 25 bp to 1.75%

Oct. 15, 2014 Down 25 bp to 2.00%

Aug. 14, 2014 Down 25 bp to 2.25%

May 9, 2013 Down 25 bp to 2.50%

Oct. 11, 2012 Down 25 bp to 2.75%

July 12, 2012 Down 25 bp to 3.00%

June 10, 2011 Up 25 bp to 3.25%

March 10, 2011 Up 25 bp to 3.00%

Jan. 13, 2011 Up 25 bp to 2.75%

Nov. 16, 2010 Up 25 bp to 2.50%

July 9, 2010 Up 25 bp to 2.25%

Feb. 12, 2009 Down 50 bp to 2.00%

Jan. 9, 2009 Down 50 bp to 2.50%

Dec. 11, 2008 Down 100 bp to 3.00%

Nov. 7, 2008 Down 25 bp to 4.00% *Oct. 27, 2008 Down 75 bp to 4.25%

Oct. 9, 2008 Down 25 bp to 5.00%

Aug. 7, 2008 Up 25 bp to 5.25%

Aug. 9, 2007 Up 25 bp to 5.00%

July 12, 2007 Up 25 bp to 4.75%

Aug. 10, 2006 Up 25 bp to 4.50%

June 8, 2006 Up 25 bp to 4.25%

Feb. 9, 2006 Up 25 bp to 4.00%

Dec. 8, 2005 Up 25 bp to 3.75%

Oct. 11, 2005 Up 25 bp to 3.50%

Nov. 11, 2004 Down 25 bp to 3.25%

Aug. 12, 2004 Down 25 bp to 3.50%

July 10, 2003 Down 25 bp to 3.75%

May 13, 2003 Down 25 bp to 4.00%

May 7, 2002 Up 25 bp to 4.25% *Sept. 19, 2001 Down 50 bp to 4.00%

Aug. 9, 2001 Down 25 bp to 4.50%

July 5, 2001 Down 25 bp to 4.75%

Feb. 8, 2001 Down 25 bp to 5.00%

Oct. 5, 2000 Up 25 bp to 5.25%

Feb. 10, 2000 Up 25 bp to 5.00%

May 6, 1999 Set at 4.75%

* shows inter-meeting rate changes (Reporting by Joori Roh)


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