2025年8月货币政策委员会会议纪要

August2025 Bankof Korea MinutesoftheMonetaryPolicyBoardMeetingAugust2025 Ⅰ.Outline 1.Date ofMeeting:Thursday,August 28,2025 2.Place:Monetary PolicyBoardMeeting Room 3.Monetary PolicyBoard MembersPresent:Rhee,Chang Yong,Chairman(Governor)Shin,SungHwanChang,YongsungRyoo,Sangdai(Senior Deputy Governor)Hwang,KunilKim,Jong HwaLee,Soo Hyung 4.Monetary PolicyBoard MembersAbsent:none 5.Participants:Kim,Eon Sung,AuditorKim,Woong,Deputy GovernorChae,Byung Deuk,DeputyGovernorKwon,Min Soo,DeputyGovernorPark,Jongwoo,Deputy GovernorLee,Jae Won,ChiefEconomistLee,Jiho,Director General,Research DepartmentChang,Cheong Soo,Director General,FinancialStability DepartmentChoi,Chang Ho,Director General,MonetaryPolicyDepartmentChoi,Yong Hoon,Director General,FinancialMarkets DepartmentYoon,Kyoungsoo,Director General,InternationalDepartmentJoo,JaeHyun,DirectorGeneral,Reserves ManagementGroupBaek,Mooyeol,Director General,Office ofLegal AffairsLim,Kun Tae,Monetary PolicyBoard SecretariatKim,Yong Sik,Press OfficerHur,Hyun,Head,MPB Administrative Support Team Ⅱ.DiscussionsConcerningtheMonetaryPolicyDecision Atthe Monetary Policy Board(MPB)meeting on August 28,2025,eachmemberexpressed their opinion concerning the Bank of Korea’s recent BaseRatedecision. Amajority of members expressed the view that,in overall consideration ofthedomestic and international financial and economic environment,it would bedesirableto hold the Base Rate at its current level of 2.50%until the nextMonetaryPolicy Board meeting.Meanwhile,one member argued for loweringtheBaseRateto2.25%fromthecurrent 2.50%. Tobegin,one member expressed the view that it would be appropriate tomaintaintheBase Rateat itscurrent levelof2.50%at thismeeting. Themember stated that global economic growth has exceeded expectations,supportedby progress on tariff negotiations between the U.S.and its majortradingpartners,as well as by accommodative financial conditions.While theimpactof U.S.tariffs on inflation and other economic sectors has thus farremainedlimited,it is premature to assess the full extent of any spillovereffects.Moreover,concerns are mounting that adverse impacts may be delayedorprotracted.Specifically,in the U.S.,downward pressure on growth from tariffandimmigration policies is expected to increasingly outweigh expansionary fiscalmeasures,leadingto amorepronounceddecelerationahead. Themember further noted that,although major countries had reached broadtradeagreements,external uncertainties were likely to persist,given thestill-elevatedtariff levels,ongoing negotiations with China and other countries,andthe potential for additional item-specific tariffs.Meanwhile,low-income andsmalleconomies with limited bargaining power in negotiations with the U.S.orwitha limited capacity for investment are expected to experience morepronouncedadverse effects from tariffs and global supply chain disruptions,intensifyingdivergence ineconomic recoveriesacrosscountriesand regions. Themember expected the outlook for the domestic economy to be revisedupwardto some extent,by improving consumption conditions stemming fromtwosupplementarybudgets,Base Ratecuts,andrising asset prices,whileexports willalso strengthen,particularly led by semiconductors.However,the memberanticipatedlimited scope for further growth acceleration as stimulus effects arelikelyto wane toward the year-end while the burden of U.S.tariffs becomesincreasinglymanifest,dampeningexportmomentum. Themember commented that,with inflation remaining broadly around thetarget,the won-dollar exchange rate,which had previously shown a decliningtrend,was again exhibiting heightened volatility.Nevertheless,foreign exchangeandfinancial markets remain generally stable,as evidenced by favorable creditspreadsand byforeigncurrencyfunding conditions. Themember noted that proactive macroprudential measures have achievedsubstantialintended policy effects in addressing the real estate market andhouseholddebt concerns,both of which had previously posed risks to financialstability.However,elevated expectations of housing price appreciation persist incertainregions,sustaining a limited but continuing upward trend,warrantingvigilanceonanypotential riskresurgence. Themember took the view that,with regard to monetary policy conditions,economicconditions had improved significantly since the previous meeting intermsof economic growth and financial stability.However,it is also required tostrikea balance between responding to an economy operating significantly belowitspotentialgrowthrateandmaintainingfinancialstability,particularlyconcerningthe real estate market.At this point,the member argued thatmonetarypolicy should be conducted with a greater emphasis on thesustainabilityof the housing market and on household debt stability,while alsoconsideringthe gap between domestic and foreign interest rates as a keyvariable. Accordingly,the member judged it appropriate to maintain the Base Rate atitscurrent levelof 2.50%atthismeeting.Going forward,th