BOK keeps rate steady at 3%, but further hikes remain on table

The Bank of Korea held its benchmark interest rate at 3 percent on Thursday, saying earlier hikes gave policymakers room to respond to domestic conditions. The bank kept a hawkish stance as growth and inflation pressures strengthened, and said future increases would depend on incoming data. It expects growth and inflation to exceed its previous forecasts, with inflation remaining above the 2 percent target for a considerable period.

All seven Monetary Policy Board members voted to keep the rate unchanged.

The BOK raised the rate by 0.25 percentage point in both July and August, taking it from 2.5 percent to 3 percent.

The bank said its 2026 and 2027 growth forecasts would substantially exceed its August projections of 3.3 percent and 2.9 percent.

Korea’s current account surplus reached $279.2 billion in the first eight months of the year, more than quadruple the level in the same period last year.

The BOK expects next year’s consumer price and core inflation to exceed its previous forecasts of 2.3 percent and 2.5 percent.

Published Oct 22, 2026 9:51 am KST

Updated Oct 22, 2026 3:22 pm KST

Bank of Korea (BOK) Gov. Shin Hyun-song bangs the gavel to open a Monetary Policy Board meeting at the central bank in Seoul, Thursday. Courtesy of BOK

The Bank of Korea (BOK) held its benchmark interest rate steady at 3 percent on Thursday, describing the decision as the “payoff” from preemptive rate hikes in July and August that gave policymakers greater room to maneuver based on domestic economic conditions, rather than react to market pressures.

The central bank stressed, however, that it is maintaining a hawkish stance as both economic growth and inflationary pressures strengthened further from August levels. The timing and pace of any further rate hikes would depend on incoming data, including third-quarter gross domestic product and October consumer price figures.

“In August, I said we were using a hoe to tackle a problem while it was still small, before it escalated into one that would require a shovel. The October rate freeze can be seen as the fruits of that ‘hoe work,’” BOK Gov. Shin Hyun-song said during a press conference following the Monetary Policy Board meeting.

“By raising rates preemptively in July and August, we secured greater room to maneuver that allowed us to set monetary policy in line with domestic economic conditions rather than having to react to market pressures.”

The hold follows two consecutive 0.25-percentage-point increases in July and August to address mounting inflationary pressure, which lifted the benchmark rate from 2.5 percent to 3 percent. Rather than press ahead with a third consecutive hike, policymakers opted to take stock of the effects of their recent moves.

All seven board members voted in favor of the decision.

The pause, however, does not signal an end to the BOK’s tightening cycle, as it expects a stronger-than-anticipated economic growth, fueled by the semiconductor boom, to sustain inflationary pressures.

“The domestic economy is expected to grow at a pace that significantly exceeds our previous projections, as the chip industry continues to perform strongly and its positive spillover effects spread to other sectors,” the central bank said in an assessment report released on the same day.

It now projects economic growth in 2026 and 2027 to exceed its August forecasts of 3.3 percent and 2.9 percent, respectively, by a substantial margin.

Korea’s current account surplus totaled $279.2 billion in the first eight months of the year, more than quadruple the level recorded over the same period last year.

Such a strong growth outlook points to persistent price pressures. Rising costs are gradually feeding through to consumer prices, while firmer demand is adding to upward pressure, the central bank said, warning that inflation would remain above its 2 percent target for a considerable period.

Next year, both consumer price inflation and core inflation are expected to exceed the previous forecasts of 2.3 percent and 2.5 percent, respectively.

“We will continue to respond accordingly until we are confident that inflation is converging sustainably toward our 2 percent target,” Shin said, adding that the BOK sees price growth to move closer to that target by 2028.

Markets widely expect the bank to raise rates again at its next policy meeting on Nov. 26.

韩国央行周四维持基准利率在3%不变，称此前的加息为决策者提供了应对国内形势的空间。由于经济增长和通胀压力加剧，韩国央行保持鹰派立场，并表示未来的加息将取决于即将公布的数据。该行预计经济增长和通胀将超过此前的预期，通胀率将在相当长的一段时间内保持在2%的目标水平之上。

货币政策委员会七名成员一致投票决定维持利率不变。

韩国央行在7月和8月两次上调利率，每次上调0.25个百分点，将利率从2.5%上调至3%。

该银行表示，其 2026 年和 2027 年的增长预测将大幅超过 8 月份预测的 3.3% 和 2.9%。

今年前八个月，韩国经常账户盈余达到 2792 亿美元，是去年同期水平的四倍多。

韩国央行预计明年消费者价格和核心通胀率将超过此前预测的2.3%和2.5%。

发布于2026年10月22日上午9:51（韩国标准时间）

更新于2026年10月22日下午3:22（韩国标准时间）

周四，韩国央行行长申铉松在首尔的央行敲响法槌，宣布货币政策委员会会议开始。图片由韩国央行提供。

韩国央行（BOK）周四将基准利率维持在3%不变，称此举是7月和8月先发制人加息的“回报”，使政策制定者有更大的空间根据国内经济状况进行调整，而不是对市场压力做出反应。

然而，央行强调，由于经济增长和通胀压力均较8月份水平进一步加剧，因此将继续维持鹰派立场。任何进一步加息的时机和力度将取决于即将公布的数据，包括第三季度国内生产总值和10月份消费者价格指数。

韩国央行行长申铉松在货币政策委员会会议后的新闻发布会上表示：“8月份我说过，我们要在问题还小的时候就用锄头来解决它，以免它演变成需要用铲子才能解决的大问题。10月份的利率冻结可以看作是这种‘锄头式工作’的成果。”

“通过在7月和8月先发制人地提高利率，我们获得了更大的操作空间，使我们能够根据国内经济状况制定货币政策，而不是被迫对市场压力做出反应。”

此次维持利率不变，此前为了应对不断上升的通胀压力，英国央行在7月和8月连续两次加息0.25个百分点，将基准利率从2.5%上调至3%。决策者们没有选择连续第三次加息，而是决定评估近期加息措施的效果。

七名董事会成员全部投票赞成该决定。

然而，此次暂停并不意味着韩国央行紧缩政策周期的结束，因为韩国央行预计，在半导体繁荣的推动下，经济增长将强于预期，从而维持通胀压力。

“由于芯片行业持续强劲表现，其积极的溢出效应蔓延至其他行业，预计国内经济增长速度将显著超过我们之前的预测，”央行在当天发布的一份评估报告中表示。

目前，该机构预测 2026 年和 2027 年的经济增长将大幅超过其 8 月份预测的 3.3% 和 2.9%。

今年前八个月，韩国经常账户盈余总额达 2792 亿美元，是去年同期水平的四倍多。

如此强劲的增长前景预示着价格压力将持续存在。央行表示，成本上涨正逐步反映在消费者价格上，而需求走强也加剧了价格上行压力，并警告称通胀率将在相当长的一段时间内保持在2%的目标水平之上。

预计明年消费者价格通胀率和核心通胀率将分别超过此前预测的2.3%和2.5%。

“我们将继续采取相应措施，直到我们确信通胀率能够持续向2%的目标靠拢，”申宗宪表示，并补充说，韩国央行预计到2028年，物价增长将更接近该目标。

市场普遍预期该银行将在11月26日的下次政策会议上再次加息。