韩国央行-货币政策委员会会议纪要（2025年5月）（英）

Minutes of the Monetary Policy Board MeetingMay 2025Bank of KoreaMinutes of the Monetary Policy Board Meeting May 2025Ⅰ. Outline1. Date of Meeting: Thursday, May 29, 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 Team1) This English version is an excerpt from the Monetary Policy Board members’ opinions concerning the Bank of Korea’s recent Base Rate decision, taken from the minutes of the Monetary Policy Board Meeting.Ⅱ. Discussions Concerning the Monetary Policy DecisionAt the Monetary Policy Board (MPB) meeting on May 29, 2025, each member expressed their opinion concerning the Bank of Korea’s recent Base Rate decision.All members expressed the view that, in overall consideration of the domestic and international financial and economic environment, it would be desirable to lower the Base Rate from 2.75% to 2.50% until the next Monetary Policy Board meeting.To begin, one member viewed it as appropriate to lower the Base Rate from 2.75% to 2.50% at this meeting.The member noted that, although global trade tensions had eased to some extent, the trade environment was expected to deteriorate more than previously anticipated, with uncertainties in the negotiation process persisting. As a result, global growth was projected to slow. In the United States, growth was expected to weaken as the effects of tariff increases materialize. In the euro area and China, ongoing trade friction with the United States was likely to constrain the effectiveness of any stimulus measures.The member expected that inflation in major economies was expected to continue moderating, as demand side pressures weaken. In the United States, however, where tariff increases are expected to have a more direct impact, upward pressure on inflation was projected to intensify. As a result, there was a growing possibility that the pace of interest rate cuts by the Federal Reserve would be slower than previously anticipated.As for international financial