货币政策报告

2026. 3 Monetary Policy Report 2026. 3 The Bank of Korea sets and implements its monetary and credit policies in order to contribute to the sounddevelopment of the national economy by pursuing price stability, and in theprocess pays attention to financialstability as well. The Bank of Korea Act stipulates that the Bank of Korea, to fulfill its accountability corresponding to thesemandates, should compile at least twice each year a report on the implementation of its monetary and creditpolicies. In line with this the Bank of Korea prepares the Monetary Policy Report, containing the details of andbackgrounds to its monetary policy decisions, the future monetary policy directions, etc., two times per year,and submits it to the National Assembly. ThisMarch2026Monetary Policy Report has been drawn up to cover the time period from after the MonetaryPolicy Board meeting for monetary policy decision-making inAugust2025 through the date of the MonetaryPolicy Board meeting for monetary policy decision-making inFebruary2026. We sincerely hope that this Monetary Policy Report will be of help in ensuring that the public well understandsthe Bank of Korea’s monetary policy operations, and forms rational expectations concerning the future policydirections. Article 96 (Reporting to National Assembly) (1) The Bank of Korea shall prepare an assessment report on progress in implementing monetaryand credit policies and macro-financial stability conditions at least twice every year andsubmitit to the National Assembly. (2) The Governor shall attend a meeting and answer questions, when the National Assembly orany of its committees requests him/her to attend the meeting in connection with the reportsubmitted pursuant toparagraph (1). This Monetary Policy Report is published in accordance with theprovision of Article 96 of the Bank of Korea Act, and upon thedeliberation and resolution of the Monetary Policy Board. Governor Bankof Korea Monetary Policy Board ChairmanRhee, Chang YongMemberShin, Sung HwanMemberChang, YongsungMemberRyoo, SangdaiMemberHwang, KunilMemberKim, Jong HwaMemberLee, Soohyung General Principles of Monetary PolicyOperation 1. (Policy Objectives)The Bank of Korea Act stipulatesthatthe goal of monetary policyis to“contribute tothe sound development of the national economyby pursuing price stability” and that the Bank of Korea(hereinafter “the Bank”)“shall payattention to financial stability in carrying out its monetaryand creditpolicies.” In order to enhance the transparency, predictability, and effectiveness of monetary policy, theBank will carry out its task by setting specific targets and objectives in accordance with this goal. 2.(Inflation Targeting) The Bank maintains a flexible inflation targeting system to effectively achieve pricestability, which is the primary objective of monetary policy. The inflation target is currently set at 2%interms of consumer price inflation (year-on-year). 2.1.(Medium-Term Horizon)Since consumer price inflation is affected not only by monetary policy, butalso by various other factors at home and abroad, the inflation target is meant to be achieved overamedium-term horizon, in consideration of price changes owing to transitory and irregular factors and oflags in monetary policy transmission. 2.2.(Forward-Looking Operations)The Bank conducts its monetary policy in a forward-looking mannerto ensurethat inflation convergestothe target level over the medium-term,whilethelikelihoodofinflationconvergingtothe target is assessed comprehensivelyby taking into accountinflation and growthoutlooks, as well as their uncertainties and risks, and the degree of anchoring of inflation expectations.In addition, the Banksymmetricallyconsidersthe risks of inflation remaining persistently above or belowthe target. 2.3.(Flexible Operations)The Bankoperates itsinflation targeting systemflexiblyto supportstablegrowthof the real economy while paying attention to financial stabilityto the extent that this does not hinderattaining the inflation target over the medium-term. 3.(Consideration of Financial Stability)Inachieving price stability over the medium-term,the Bank payscareful attention to financial stability conditions. 3.1.(Efforts to Stabilize the Financialand Foreign ExchangeMarkets)The Bank makes efforts tostabilize the financialand foreign exchangemarketsand to restore the financial intermediary function,given that monetary policy transmission channelsare constrainedand macroeconomic stabilityisundermined in the event of financialinstability. 3.2.(Attention to Financial Imbalances)As persistent financial imbalances, such as the buildup of debtandovervaluation of asset prices, couldultimatelyundermine macroeconomic stability, the Bank pays dueattention toensure thatmonetary policy does not lead to buildup offinancial imbalances. 3.3. (Harmony with Macroprudential Policy)Since there are limits to maintaining financial stability solelythrough monetary po