韩国央行-货币政策委员会会议纪要（2025年5月）（英）_13页_159kb

Summary of Bank of Korea Monetary Policy Board Meeting Minutes - May 2025

Key Decision

The Monetary Policy Board decided to lower the Base Rate by 25 basis points from 2.75% to 2.50%, consistent with all six members' views.

Context and Reasons

• External Factors: Global growth is projected to slow due to ongoing trade tensions and uncertainty in negotiations, with U.S. tariffs negatively impacting economies. Trade friction constrains stimulus effectiveness.
• Domestic Factors: Economic growth has slowed, with weak domestic demand, sluggish exports, and downward revisions to growth forecasts. Inflation remains stable near 2%, but household debt is growing, and financial stability risks are increasing due to uncertainties.
• Financial Markets: Volatility persists in stock prices, exchange rates, and bond yields. Concerns about household debt and housing market risks were emphasized.
• Monetary Policy Stance: The board agreed to maintain an easing stance to support the economy but cautioned against further cuts without comprehensive risk assessment.

Key Considerations from the Meeting

• All members acknowledged the need for policy easing amid slowdowns but stressed monitoring risks such as household debt, trade policy uncertainties, and potential capital outflows.
• The decision reflects a balance between supporting growth and ensuring financial stability, with future rate adjustments dependent on ongoing assessments of global and domestic developments.

Concluding Remarks

The rate cut aims to improve economic sentiment and growth trends while maintaining external credibility and coordinating with fiscal policies to mitigate vulnerabilities.