韩国央行货币政策报告（2024年3月）（英）

ISSN2005-2707 MonetaryPolicyReport 2024.3 MonetaryPolicyReport 2024.3 TheBankofKoreasetsandimplementsitsmonetaryandcreditpoliciesinordertocontributetothesounddevelopmentofthenationaleconomybypursuingpricestability,andintheprocesspaysattentiontofinancialstabilityaswell. TheBankofKoreaActstipulatesthattheBankofKorea,tofulfillitsaccountabilitycorrespondingtothesemandates,shouldcompileatleasttwiceeachyearareportontheimplementationofitsmonetaryandcreditpolicies. InlinewiththistheBankofKoreapreparestheMonetaryPolicyReport,containingthedetailsofandbackgroundstoitsmonetarypolicydecisions,thefuturemonetarypolicydirections,etc.,twotimesperyear,andsubmitsittotheNationalAssembly. ThisMarch2024MonetaryPolicyReporthasbeendrawnuptocoverthetimeperiodfromaftertheMonetaryPolicyBoardmeetingformonetarypolicydecision-makinginNovember2023throughthedateoftheMonetaryPolicyBoardmeetingformonetarypolicydecision-makinginFebruary2024. WesincerelyhopethatthisMonetaryPolicyReportwillbeofhelpinensuringthatthepublicwellunderstandstheBankofKorea’smonetarypolicyoperations,andformsrationalexpectationsconcerningthefuturepolicydirections. <BankofKoreaAct> Article96(ReportingtoNationalAssembly) (1)TheBankofKoreashallprepareanassessmentreportonprogressinimplementingmonetaryandcreditpoliciesandmacro-financialstabilityconditionsatleasttwiceeveryyearandsubmitittotheNationalAssembly. (2)TheGovernorshallattendameetingandanswerquestions,whentheNationalAssemblyoranyofitscommitteesrequestshim/hertoattendthemeetinginconnectionwiththereportsubmittedpursuanttoparagraph(1). ThisMonetaryPolicyReportispublishedinaccordancewiththeprovisionofArticle96oftheBankofKoreaAct,andupontheresolutionoftheMonetaryPolicyBoard. March2024 Rhee,ChangYongGovernor BankofKorea MonetaryPolicyBoard ChairmanRhee,ChangYongMemberCho,Yoon-JeMemberSuh,YoungKyungMemberShin,SungHwanMemberChang,YongsungMemberRyoo,SangdaiMemberHwang,Kunil GeneralPrinciplesofMonetaryPolicyOperation TheBankofKoreaActstipulatesthegoalofmonetarypolicyasfollows:“TheBankshallcontributetothesounddevelopmentofthenationaleconomythroughensuringpricestability,whilegivingdueconsiderationtofinancialstabilityincarryingoutitsmonetarypolicy.”Inordertoenhancethetransparency,predictabilityandeffectivenessofmonetarypolicy,theBankwillcarryoutitstaskbysettingspecifictargetsandobjectivesinaccordancewiththisgoal. □(Inflationtargeting)TheBankofKoreamaintainsaflexibleinflationtargetingsystemtoeffectivelyachievepricestability,whichistheprimaryobjectiveofmonetarypolicy.Theinflationtargetiscurrentlysetat2%intermsofconsumerpriceinflation(year-on-year). o(Medium-termhorizon)Sinceconsumerpriceinflationisaffectednotonlybymonetarypolicybutalsobyvariousotherfactorsathomeandabroad,theinflationtargetismeanttobeachievedoveramedium-termhorizon,inconsiderationofpricechangesowingtotransitoryandirregularfactorsandofthelagsinmonetarypolicytransmission. o(Forward-lookingoperation)TheBankconductsitsmonetarypolicyinaforward-lookingmanner,whileconsideringsymmetricallytherisksofinflationremainingpersistentlyaboveorbelowthetarget. -Thepathofconvergenceofinflationtowardthetargetisassessedbasedcomprehensivelyoninflationandgrowthoutlooksaswellastheiruncertaintiesandrisks,onthedegreeofanchoringofinflationexpectations,andonfinancialstabilityconditions. o(Flexibleoperation)TheBankconductsitsmonetarypolicytosupportrealeconomicgrowthtotheextentthatthisdoesnothinderattainingtheinflationtargetoverthemediumterm. □(Considerationoffinancialstability)Achievingpricestabilityoverthemediumtermshouldbebasedonfinancialstability,andtheBankpayscarefulattentiontofinancialstabilityconditionsinitsconductofmonetarypolicy. o(Effortstostabilizefinancialmarket)TheBankmakeseffortstostabilizethefinancialmarketandrestorethefinancialintermediaryfunctionintheeventoffinancialunrest,giventhatitconstrainsthemonetarypolicytransmissionchannelsandunderminesmacroeconomicstability. o(Attentiontofinancialimbalances)Aspersistentfinancialimbalancessuchasthebuildupofdebtcouldunderminemacroeconomicstability,theBankpaysdueattentiontofinancialimbalancesinconductingitsmonetarypolicy. -TheBankexamines,assessesandannouncesfinancialstabilityconditionsonaregularbasis,topreventexcessivebuildupoffinancialimbalancesthatmaybebroughtaboutbymonetarypolicyimplementation. -Sincetherearelimitstomaintainingfinancialstabilitysolelythroughmonetarypolicy,whichaffectsthewholeeconomy,monetarypolicyneedstobecomplementedbymacroprudentialpoliciestopreventbuildupoffinancialimbalances. MonetaryPolicyReportataGlance MonetaryPolicyDecisions BankofKoreaBaseRate Jan.20210.5% Feb.20243.5% BaseRatemaintainedat3.5% Itwasappropriatetomaintainthecurrentrestrictivepolicystance.Althoughinflationhascontinueditsslowingtrend,itwasjudgedthattherewerehighuncertaintiesaroundtheinflationoutlookandthatitwasnecessarytoassessthechangesindomesticandexternalpolicyconditions. EconomicandFinancialDevelopments 0.9% 0.6% 0.3% GDPGrowth (YoY) 2.2% Inflation (YoY) TreasuryBonds3.58%(3-year) 3.34% 1,331 (QoQ) Q1Q2Q3Q42023 Nov.2023 Dec.