2026年货币政策

December 2025 BANK OF KOREA ‘Monetary Policy for2026’ is published in accordance with theprovisionsof Article 6 of the Bank of Korea Act,and upon Bank of Korea Act Article6(Setting of the Operational Direction for Monetary and CreditPolicies) (1) The Bank of Korea shall set a price stability target in consultationwith the Government.(2) The Bank of Korea shall set and publish the operational direction for Ⅰ Monetary Policy for 2026 The Bankof Korea (the “Bank”) will decide whether and when to implementanyfurther Base Rate cuts,based on comprehensive assessment of inflation and TheBank will strengthen monitoring and risk management for financial andforeignexchange markets and the financial system,and will implement market TheBank will continue to improve its lending facilities to ensure financialsystemstability,and will expand the role of the Bank Intermediated Lending TheBank will enhance the effectiveness of monetary policy by strengthening TheBank will continue efforts to improve the payment and settlement systeminfrastructure, with a view to further advancing the system. 1. Base Rate TheBank of Korea(the“Bank”)will decide whether and when to implementany further rate cuts based on comprehensive assessment of incoming data, includingdevelopmentsin inflation and growth,uncertainties surrounding the growth andinflation outlook, and risks to financial stability. While inflation is expected to remainanchored around the target level, upward pressures could turn out to be stronger than 2. Promoting Financial Stability Amid persistentconcerns over the accumulation of financial imbalances, togetherwith latent financial market risks, such as ongoing restructuring in some industries and markets and the financial system as well as its early warning system, and implementmarketstabilization measures in a timely manner when necessary.The Bank willcontinueits efforts to identify risks at an early stage through the development ofleadingindicatorsandtheenhancementofstresstestmodelsthatreflectinterconnectednessamongfinancialinstitutions.Itwillconstantlyreviewand Given heightened vigilance in the domestic foreign exchange sector amid elevateddomesticand external uncertainties,the Bank will strengthen market monitoring andactively implement market stabilization measures to address excessive herd behavior inthemarket.In cooperation with the government,the Bank will step up efforts toaddressstructural imbalances in foreign exchange supply and demand. Furthermore it TheBank will strengthen its analysis of financial and economic risks stemmingfrom climate change and will continue to seek an effective policy response. Throughthe advancement of climate risk models, the Bank will enhance the depth and quality 3. Effective Management of Lending Facilities The Bank will continue to pursue improvements to its lending facilities to ensurethestability of the financial system.The Bank will establish and implement anemergency lending facility in January 2026 that will enable loans held by banks to beusedas collateral in times of stress.The Bank will also continue efforts to allow TheBank will reorganize the Bank Intermediated Lending Support Facility in amannerthat enhances its flexibility in response to changes in economic conditions,therebystrengthening its function as a monetary policy instrument.The Bank willintroduce the tentatively titled “SME Loan-Linked Support Program” to support creditsupply to small and medium-sized enterprises and will establish measures to enhance 4. Improving the Effectiveness of Monetary Policy TheBank will strengthen policy communication to help economic agents formreasonableexpectations regarding monetary policy directions amid high uncertaintiesoverthe policy environment.It will continue its efforts to expand the externalcommunication of Monetary Policy Board (MPB) members5)and review an operationalplanfor its Base Rate prospects based on projected conditions for the next threemonths.The Bank will continue to work on enhancing the accuracy of economic TheBank will continue to improve the institutional framework to enhance thetransmission effects of monetary policy. The Bank will work with the government topromote the use of the Korea Overnight Financing Repo Rate (KOFR)6)to establish it TheBank will strengthen research and analysis to respond to changes in thepolicy environmentsat home and abroad and in economic structures. The Bank willenhanceits analysis of structural changes in the Korean economy following theCOVID-19 crisis and their implications for the transmission of monetary policy,7)and 5. Sophistication of Payment and Settlement Systems TheBank will continue efforts to improve financial infrastructure to support theadvancementand internationalization of won-denominated securities.8)The BOK willextend the operating hours of the BOK-Wire+ system (scheduled for April 2026), andestablishthe tentatively titled“Offshore KRW Settlement System”operating on a TheBank will pu