韩国央行-货币政策委员会会议纪要（2025年4月）（英）

Minutes of the Monetary Policy Board MeetingApril 2025Bank of KoreaMinutes of the Monetary Policy Board Meeting April 2025Ⅰ. Outline1. Date of Meeting: Thursday, April 17, 20252. Place: Monetary Policy Board Meeting Room3. Monetary Policy Board Members Present: Rhee, Chang Yong, Chairman (Governor) Shin, Sung Hwan Chang, Yongsung Ryoo, Sangdai (Senior Deputy Governor) Hwang, Kunil Kim, Jong Hwa Lee, Soo Hyung4. Monetary Policy Board Members Absent: none5. Participants: Kim, Eon Sung, Auditor Lee, Jongryeol, Deputy Governor Kim, Woong, Deputy Governor Chae, Byung Deuk, Deputy Governor Kwon, Min Soo, Deputy Governor Park, Jongwoo, Deputy Governor Lee, Jae Won, Chief Economist Lee, Jiho, Director General, Research Department Chang, Cheong Soo, Director General, Financial Stability Department Choi, Chang Ho, Director General, Monetary Policy Department Choi, Yong Hoon, Director General, Financial Markets Department Yoon, Kyoungsoo, Director General, International Department Joo, Jae Hyun, Director General, Reserves Management Group Baek, Mooyeol, Director General, Office of Legal Affairs Lim, Kun Tae, Monetary Policy Board Secretariat Kim, Yong Sik, Press Officer Hur, Hyun, Head, MPB Administrative Support Team 1) This English version is an excerpt of the Monetary Policy Board members’ opinions on the Bank of Korea’s Base Rate decision, taken from the minutes of the Monetary Policy Board Meeting.Ⅱ. Discussions Concerning the Monetary Policy DecisionAt the April 17, 2025, Monetary Policy Board meeting, each member expressed their opinion on the Bank of Korea’s Base Rate decision.The majority of the members shared the view that, in overall consideration of the domestic and international financial and economic environment, it would be desirable to leave the Base Rate unchanged at the current level of 2.75%, while one member argued for lowering it from 2.75% to 2.50%. To begin, one member viewed it as appropriate to keep the Base Rate unchanged at 2.75% until the next Monetary Policy Board meeting.The member pointed to a significant increase in external uncertainty since the last Monetary Policy Board meeting. Stock prices in major economies plummeted due to the reciprocal tariffs imposed by the U.S. government being stronger than expected. Although risk-off sentiment has partially eased following the suspension of some of the tariffs, uncertainty surrounding the global trade environment has reached its highest level. Although the likelihood of a global economic slowdown increased, central banks of major economies, including the U.S., are maintaining a cautious stance.The member stated that, despite the resolution of domestic political uncertainty, the KRW-USD exchange rate rose to the upper 1,400 won range due to elevated external uncertainty, and it then fluctuated between the lower and mid-1,400 won levels. While foreign exchange supply and demand conditions remained generally stable, a substantial