韩国央行货币政策报告（2024年3月）

2024. 3 Monetary Policy Report 2024. 3 TheBank of Korea sets and implements its monetary and credit policies in order tocontributetothesounddevelopmentofthenationaleconomybypursuingpricestability,andintheprocesspaysattentiontofinancialstabilityaswell. TheBank of Korea Act stipulates that the Bank of Korea,to fulfill its accountabilitycorrespondingto these mandates,should compile at least twice each year a report on theimplementationofitsmonetaryandcreditpolicies. Inline with this the Bank of Korea prepares the Monetary Policy Report,containing thedetailsof and backgrounds to its monetary policy decisions,the future monetary policydirections,etc.,twotimesperyear,andsubmitsittotheNationalAssembly. ThisMarch2024MonetaryPolicyReporthasbeendrawnuptocoverthetimeperiodfromaftertheMonetaryPolicyBoardmeetingformonetarypolicydecision-makinginNovember2023through the date of the Monetary Policy Board meeting for monetary policydecision-makinginFebruary2024. Wesincerely hope that this Monetary Policy Report will be of help in ensuring that thepublicwellunderstandstheBankofKorea’smonetarypolicyoperations,andformsrationalexpectationsconcerningthefuturepolicydirections. <BankofKoreaAct> Article96(ReportingtoNationalAssembly) (1)TheBankofKoreashallprepareanassessmentreportonprogressinimplementingmonetaryandcreditpolicies and macro-financial stability conditions at least twice every year and submit it totheNationalAssembly.(2)TheGovernorshallattendameetingandanswerquestions,whentheNationalAssemblyoranyofitscommittees requests him/her to attend the meeting in connection with the report submittedpursuanttoparagraph(1). ThisMonetaryPolicy Reportis publishedin accordancewiththeprovisionofArticle 96 oftheBankofKorea Act,andupontheresolutionoftheMonetary PolicyBoard. Rhee,ChangYongGovernorBankofKorea MonetaryPolicyBoard ChairmanRhee,ChangYongMemberCho,Yoon-JeMemberSuh,YoungKyungMemberShin,SungHwanMemberChang,YongsungMemberRyoo,SangdaiMemberHwang,Kunil GeneralPrinciples of Monetary Policy Operation TheBankofKoreaActstipulatesthegoalofmonetarypolicyasfollows:“TheBankshallcontributeto the sound development of the national economy through ensuring pricestability,while giving due consideration to financial stability in carrying out its monetarypolicy.”In order to enhance the transparency,predictability and effectiveness of monetarypolicy,the Bank will carry out its task by setting specific targets and objectives inaccordancewiththisgoal. □(Inflation targeting)The Bank of Korea maintains a flexible inflation targeting system to effectivelyachieveprice stability,which is the primary objective of monetary policy.The inflation target iscurrentlysetat2%intermsofconsumerpriceinflation(year-on-year). o(Medium-termhorizon)Sinceconsumerpriceinflationisaffectednot onlybymonetarypolicy butalsoby various other factors at home and abroad,the inflation target is meant to be achievedoveramedium-term horizon,in consideration of price changes owing to transitory and irregularfactorsandofthelagsinmonetarypolicytransmission. o(Forward-looking operation)The Bank conducts its monetary policy in a forward-looking manner,whileconsidering symmetrically the risks of inflation remaining persistently above or below thetarget. -Thepathof convergenceof inflation towardthe target isassessedbasedcomprehensivelyoninflationand growth outlooks as well as their uncertainties and risks,on the degree ofanchoringofinflationexpectations,andonfinancialstabilityconditions. o(Flexibleoperation)TheBankconductsitsmonetarypolicytosupportrealeconomicgrowthtotheextentthatthisdoesnothinderattainingtheinflationtargetoverthemediumterm. □(Considerationof financial stability)Achievingprice stabilityover themediumtermshould bebasedonfinancialstability,andtheBankpayscarefulattentiontofinancialstabilityconditionsinitsconductofmonetarypolicy. o(Effortstostabilizefinancial market)TheBankmakeseffortstostabilizethefinancial marketandrestorethefinancialintermediaryfunctionintheeventoffinancialunrest,giventhatitconstrainsthemonetarypolicytransmissionchannelsandunderminesmacroeconomicstability. o(Attention to financial imbalances)As persistent financial imbalances such as the buildup of debtcouldundermine macroeconomic stability,the Bank pays due attention to financial imbalances inconductingitsmonetarypolicy. -TheBankexamines,assessesandannouncesfinancialstabilityconditionsonaregularbasis,topreventexcessivebuildupoffinancialimbalancesthatmaybebroughtaboutbymonetarypolicyimplementation. -Since there are limits to maintaining financial stability solely through monetary policy,whichaffectsthe whole economy,monetary policy needs to be complemented by macroprudentialpoliciestopreventbuildupoffinancialimbalances. Monetary Policy Report at a Glance Base Rate maintained at 3.5% It was appropriate to maintain the current restrictivepolicy stance. Although inflation has continued itsslowing trend, it was judged that there were highuncertainties around the inflation outlook and