韩国央行-韩国银行公开市场业务_回顾过去_展望未来（英）-2025_33页_1mb

Bank of Korea's Open Market Operations: Navigating the Past, Envisioning the Future

I. Core Principles and Goals

• Effectiveness: Maintains overnight call rate close to Base Rate via price and quantity adjustments.
• Efficiency: Avoids excessive market intervention to preserve financial stability.
• Reciprocity: Ensures stable development of the financial market by viewing OMO as a two-way tool.

II. Key Features and Instruments

• Liquidity Absorption: Utilizes Monetary Stabilization Bonds (MSBs), reverse repo, and MSA deposits.
• Corridor System: Controls ultra-short-term interest rates ±100bp around Base Rate, aids market intermediation.
• Market Stabilization: Responds proactively to instability by expanding collateral/counterparties and conducting outright KTB purchases.

III. Recent Changes & Challenges

• Declining Absorption Need: Reduced structural liquidity supplies from foreign sector.
• Non-bank Influence: Growing share of NBFIs introduces new risks in liquidity management.
• Payment Innovation: CBDC emergence may impact reserve demand predictability.

IV. Future Directions

• Demand-Based OMO: Introduce periodic repo operations for flexible liquidity supply.
• MSB Optimization: Enhance MSB distribution to meet foreign demand and HQLA requirements.
• Balance Sheet Adjustment: Strategic expansion/management of reserve scales for effective policy transmission.
• New Tools: Explore standing repo or longer-term refinancing for crisis-liquidity support.

V. Takeaways

• Korea maintains a corridor system due to lower asset-to-GDP ratio, enhanced by market-determined KOFR.
• Future requires balancing growth in NBFIs, CBDC adoption, and liquidity demand uncertainties.

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