Key Interest Rate Lowered to 3.25%

The Bank of Korea has lowered its key interest rate by 0.25% to 3.25%, ending the three-year tightening cycle.

The Monetary Policy Board convened its seventh policy meeting this year, lowering the rate from 3.5% to 3.25%.

This marks the end of the monetary tightening, which began in August 2021 when rates were first raised by 0.25%.

Since February last year, the rate has been held steady for a record 13 consecutive meetings at 3.5%.