Who sets Korea's base rate, and how often?

Korea's base rate is set 8 times a year by the Monetary Policy Board of the Bank of Korea.

With price stability as its goal, the Monetary Policy Board comprehensively considers price trends, domestic and overseas economic conditions, financial market conditions and so on. The base rate it sets is used as the policy rate that serves as the reference when the Bank of Korea conducts transactions such as repurchase agreement (RP) trading with financial institutions.