Risk and sentiment
Korea Call Rate
Korea's overnight call rate.
At a glance
Korea Call Rate: latest value and prior change
As of 2026-07-22, Korea Call Rate is 2.69 %. It is 0.00 pp lower than 2.69 % on 2026-07-21.
Within the default comparison window of 1,000 observations from 2022-06-24 to 2026-07-22, the latest value is at the tie-adjusted 35th percentile. Available history covers 1995-01-03 to 2026-07-22 with 8,011 observations.
- Observed on
- Default comparison window
- 2022-06-24–2026-07-22
- Observations · observed cadence
- 1,000 · Daily
- Data source
- Bank of Korea ECOS
A high or low percentile does not by itself make the indicator positive, negative, or a buy or sell signal.
Time-series chart
Korea Call Rate
1995-01-03–2026-07-22
Long-history series are stored as real provider observations. Index, FX, VIX, and ratio charts use historical backfill where providers expose it; Korean investor flow and margin-credit feeds expand as stable historical endpoints become available.
Interpretation guide
Reading short-term funding conditions through the call rate's gap to the base rate
The Korea Call Rate is the overnight rate at which banks and other institutions lend to each other, and the Bank of Korea manages it around the base rate through open market operations. Its information value therefore lies not in the level itself but in small deviations from the policy rate.
Separating normal from abnormal
In calm conditions the call rate hugs the base rate. When a gap persists for days or develops a direction, supply and demand in the overnight market have shifted from the norm.
- A call rate persistently above the base rate signals tight liquidity relative to banks' reserve needs.
- A persistent gap below it points to surplus short-term funds and an easy liquidity backdrop.
- Distinguish structural signals from seasonal gaps around quarter-end, year-end, and tax-payment dates.
The first gate of policy transmission
The call market is where a base-rate change first touches the financial system. Whether the call rate migrates smoothly to the new level right after a Monetary Policy Board decision is the basic health check on transmission.
- How quickly the call rate settles after a BOK Base Rate change reveals money-market conditions.
- Whether call-market strain spills into a rising Korea CD 91D Rate is the first checkpoint for contagion.
- A widening gap combined with a spiking Korea CP 91D Rate calls for heightened credit vigilance.
Caveats in practice
The call rate is not a daily trading signal like an equity index. Most of the time it carries no information, and it speaks loudly only in the rare episodes when something is wrong.
- Ignore one-day gaps; look for deviations that persist for several days or more.
- A quiet call rate with rising CD and CP rates can mean stress is building outside the overnight market.
- When gaps appear, check whether the BOK is responding with repo operations before drawing conclusions.