---
ticker: "KRBOKNETOMO"
title: "South Korea Bank of Korea Net Open Market Operations Position"
unit: "tril. KRW"
frequency: "Monthly"
source: "Bruno and Shin (2015); Pozsar (2022)"
release: "Updated Monthly"
category: "Monetary Data"
country: "KR"
language: "en"
canonical: "https://kred.dev/en/series/KRBOKNETOMO"
license: "https://creativecommons.org/licenses/by-nc-nd/4.0/"
latest_value: 58.67
latest_date: "2026-06-30"
first_date: "2010-10-31"
observations_total: 189
observations_shown: 120
---

# South Korea Bank of Korea Net Open Market Operations Position

## Overview

Nets four open market tools into one gauge of whether operations drain or supply liquidity.

## Key Figures

|  | Value | Date |
|---|---|---|
| Latest | 58.67 | 2026-06-30 |
| Change from previous | -1.53 | 2026-05-31 |
| Change over one year | -24.69 | 2025-06-30 |
| Highest on record | 229.82 | 2015-06-30 |
| Lowest on record | 56.30 | 2026-04-30 |
| Period covered | 2010-10-31 – 2026-06-30 |  |
| Observations | 189 |  |

## Recent observations

| Date | Value | Change |
|---|---|---|
| 2016-07-31 | 210.32 | +6.66 |
| 2016-08-31 | 211.69 | +1.37 |
| 2016-09-30 | 204.00 | -7.69 |
| 2016-10-31 | 206.14 | +2.14 |
| 2016-11-30 | 205.65 | -0.49 |
| 2016-12-31 | 199.92 | -5.73 |
| 2017-01-31 | 198.46 | -1.46 |
| 2017-02-28 | 204.74 | +6.28 |
| 2017-03-31 | 202.66 | -2.08 |
| 2017-04-30 | 206.21 | +3.55 |
| 2017-05-31 | 207.91 | +1.70 |
| 2017-06-30 | 204.63 | -3.28 |
| 2017-07-31 | 205.38 | +0.75 |
| 2017-08-31 | 203.13 | -2.25 |
| 2017-09-30 | 193.62 | -9.51 |
| 2017-10-31 | 199.31 | +5.69 |
| 2017-11-30 | 203.05 | +3.74 |
| 2017-12-31 | 194.28 | -8.77 |
| 2018-01-31 | 202.36 | +8.08 |
| 2018-02-28 | 198.21 | -4.15 |
| 2018-03-31 | 199.07 | +0.86 |
| 2018-04-30 | 205.41 | +6.34 |
| 2018-05-31 | 202.58 | -2.83 |
| 2018-06-30 | 198.46 | -4.12 |
| 2018-07-31 | 201.35 | +2.89 |
| 2018-08-31 | 192.95 | -8.40 |
| 2018-09-30 | 186.04 | -6.91 |
| 2018-10-31 | 189.54 | +3.50 |
| 2018-11-30 | 188.71 | -0.83 |
| 2018-12-31 | 183.64 | -5.07 |
| 2019-01-31 | 183.66 | +0.02 |
| 2019-02-28 | 186.05 | +2.39 |
| 2019-03-31 | 192.15 | +6.10 |
| 2019-04-30 | 192.36 | +0.21 |
| 2019-05-31 | 180.56 | -11.80 |
| 2019-06-30 | 185.59 | +5.03 |
| 2019-07-31 | 192.22 | +6.63 |
| 2019-08-31 | 185.97 | -6.25 |
| 2019-09-30 | 186.99 | +1.02 |
| 2019-10-31 | 179.20 | -7.79 |
| 2019-11-30 | 180.74 | +1.54 |
| 2019-12-31 | 175.56 | -5.18 |
| 2020-01-31 | 177.50 | +1.94 |
| 2020-02-29 | 179.69 | +2.19 |
| 2020-03-31 | 189.25 | +9.56 |
| 2020-04-30 | 174.67 | -14.58 |
| 2020-05-31 | 180.17 | +5.50 |
| 2020-06-30 | 174.52 | -5.65 |
| 2020-07-31 | 180.51 | +5.99 |
| 2020-08-31 | 175.18 | -5.33 |
| 2020-09-30 | 183.99 | +8.81 |
| 2020-10-31 | 179.48 | -4.51 |
| 2020-11-30 | 178.31 | -1.17 |
| 2020-12-31 | 179.51 | +1.20 |
| 2021-01-31 | 183.39 | +3.88 |
| 2021-02-28 | 176.98 | -6.41 |
| 2021-03-31 | 187.18 | +10.20 |
| 2021-04-30 | 184.05 | -3.13 |
| 2021-05-31 | 180.22 | -3.83 |
| 2021-06-30 | 175.86 | -4.36 |
| 2021-07-31 | 180.82 | +4.96 |
| 2021-08-31 | 171.96 | -8.86 |
| 2021-09-30 | 170.79 | -1.17 |
| 2021-10-31 | 175.55 | +4.76 |
| 2021-11-30 | 180.01 | +4.46 |
| 2021-12-31 | 154.22 | -25.79 |
| 2022-01-31 | 169.69 | +15.47 |
| 2022-02-28 | 169.44 | -0.25 |
| 2022-03-31 | 176.01 | +6.57 |
| 2022-04-30 | 167.87 | -8.14 |
| 2022-05-31 | 172.39 | +4.52 |
| 2022-06-30 | 157.64 | -14.75 |
| 2022-07-31 | 172.42 | +14.78 |
| 2022-08-31 | 155.87 | -16.55 |
| 2022-09-30 | 140.06 | -15.81 |
| 2022-10-31 | 147.26 | +7.20 |
| 2022-11-30 | 144.21 | -3.05 |
| 2022-12-31 | 124.23 | -19.98 |
| 2023-01-31 | 155.22 | +30.99 |
| 2023-02-28 | 159.04 | +3.82 |
| 2023-03-31 | 171.86 | +12.82 |
| 2023-04-30 | 150.60 | -21.26 |
| 2023-05-31 | 148.27 | -2.33 |
| 2023-06-30 | 150.00 | +1.73 |
| 2023-07-31 | 147.39 | -2.61 |
| 2023-08-31 | 127.50 | -19.89 |
| 2023-09-30 | 122.85 | -4.65 |
| 2023-10-31 | 122.88 | +0.03 |
| 2023-11-30 | 121.31 | -1.57 |
| 2023-12-31 | 109.90 | -11.41 |
| 2024-01-31 | 113.09 | +3.19 |
| 2024-02-29 | 122.43 | +9.34 |
| 2024-03-31 | 134.47 | +12.04 |
| 2024-04-30 | 118.38 | -16.09 |
| 2024-05-31 | 114.87 | -3.51 |
| 2024-06-30 | 120.62 | +5.75 |
| 2024-07-31 | 115.49 | -5.13 |
| 2024-08-31 | 117.54 | +2.05 |
| 2024-09-30 | 115.80 | -1.74 |
| 2024-10-31 | 112.32 | -3.48 |
| 2024-11-30 | 104.35 | -7.97 |
| 2024-12-31 | 96.59 | -7.76 |
| 2025-01-31 | 91.18 | -5.41 |
| 2025-02-28 | 98.59 | +7.41 |
| 2025-03-31 | 117.94 | +19.35 |
| 2025-04-30 | 81.68 | -36.26 |
| 2025-05-31 | 87.22 | +5.54 |
| 2025-06-30 | 83.36 | -3.86 |
| 2025-07-31 | 81.23 | -2.13 |
| 2025-08-31 | 102.11 | +20.88 |
| 2025-09-30 | 95.56 | -6.55 |
| 2025-10-31 | 86.71 | -8.85 |
| 2025-11-30 | 94.53 | +7.82 |
| 2025-12-31 | 69.12 | -25.41 |
| 2026-01-31 | 59.56 | -9.56 |
| 2026-02-28 | 70.26 | +10.70 |
| 2026-03-31 | 73.82 | +3.56 |
| 2026-04-30 | 56.30 | -17.52 |
| 2026-05-31 | 60.20 | +3.90 |
| 2026-06-30 | 58.67 | -1.53 |

## Definition

A composite indicator measuring the net directional stance across the Bank of Korea's four open market operation instruments. Unlike the Federal Reserve, which consolidates equivalent functions into a single overnight reverse repurchase facility (ON RRP), the Bank of Korea operates these functions through four distinct instruments, so this indicator condenses their net direction into one measure and has no direct U.S. counterpart.

$$\text{KRBOKNETOMO} = \text{KRBOKRPSALE} + \text{KRBOKMSB} + \text{KRBOKMSA} - \text{KRBOKRPPUR}$$

Positive (+) values indicate a tightening stance in which the Bank of Korea's open market operations are in aggregate absorbing liquidity from the financial system, while negative (−) values indicate net liquidity supply, namely an accommodative stance.

## Methodology

Computed monthly in the following two steps.

**(1) Input Construction.** The month-end balances of the four open market operation instruments are taken in trillions of KRW.

**(2) Net Position.** The liquidity-absorbing instruments, RP sale, monetary stabilization bond, and monetary stabilization account, are added and the liquidity-supplying instrument, RP purchase, is subtracted:

$$\text{KRBOKNETOMO}_t = \text{KRBOKRPSALE}_t + \text{KRBOKMSB}_t + \text{KRBOKMSA}_t - \text{KRBOKRPPUR}_t$$

The series starts from the earliest month at which all four inputs are available, constrained by the October 2010 introduction of the monetary stabilization account.

## Applications in Economics

The Net OMO Position captures the aggregate stance of the Bank of Korea's discretionary liquidity management operations and provides a single summary statistic for the net direction of open market interventions. Bindseil (2004) establishes the theoretical framework for analyzing central bank open market operations as the primary implementation tool for monetary policy, distinguishing between structural operations that permanently alter the reserve supply and fine-tuning operations that temporarily adjust it. The four instruments aggregated in KRBOKNETOMO span this spectrum, with MSBs providing structural absorption and RP operations providing short-term adjustment. Borio (1997) documents the diversity of central bank operating procedures across countries and emphasizes that the net stance of all operations, not any single instrument, determines the effective degree of monetary accommodation.

The Net OMO Position is complementary to KRNETLIQ, the net liquidity measure of the stock of liquidity, and the two answer different questions. Whereas KRNETLIQ measures the stock of effective private-sector liquidity that circulates after major drains are subtracted from total assets, KRBOKNETOMO measures the net direction of the Bank of Korea's discretionary operations across the four open market operation instruments, so the two are complementary rather than substitutable.

The relative scale of sterilization bonds reveals how the Bank of Korea balances its external and domestic liquidity objectives. Ouyang, Rajan, and Willett (2010) analyze sterilization operations in Asian economies and show that the scale of sterilization bonds (analogous to MSBs) relative to other instruments reveals the structural versus cyclical components of central bank liquidity management. Aizenman and Glick (2009) demonstrate that sterilization costs constrain the ability of central banks to simultaneously manage exchange rates and domestic liquidity, creating a measurable tension that the Net OMO Position helps quantify. Lavigne (2008) surveys sterilization bonds across Asian central banks and documents how the outstanding stock reflects cumulative foreign exchange intervention, making the Net OMO Position an indirect gauge of the balance between external and domestic monetary policy objectives.

## Applications in Financial Markets

For portfolio managers and macro strategists, the Net OMO Position provides a single metric for gauging whether the Bank of Korea's open market operations are in aggregate tightening or easing liquidity conditions. Mohanty and Turner (2006) show that changes in central bank balance sheet composition, particularly the mix between liquidity-absorbing and liquidity-supplying instruments, contain information about the near-term policy trajectory that is not fully captured by the policy rate alone.

Comparing the trajectory of KRBOKNETOMO with the policy rate reveals whether the Bank of Korea is using open market operations to reinforce or offset its rate decisions. Cook and Yetman (2012) document that Asian central banks frequently use balance sheet operations to manage liquidity conditions independently of rate changes, particularly during periods of capital flow volatility. For Korean equity and bond investors, a rising Net OMO Position, namely increasing net absorption, signals tightening financial conditions beyond what the base rate alone would imply, while a declining position signals accommodative liquidity management.

The scale and composition of sterilization operations act directly on government bond supply and financial conditions. McCauley (2008) analyzes the portfolio management of foreign exchange reserves and documents how sterilization operations create investable instruments (MSBs) that compete with government bonds for investor demand, affecting the shape of the yield curve. Filardo and Grenville (2012) show that central bank balance sheet operations in Asia have become an increasingly important complement to interest rate policy, particularly in economies with large capital flows. Pozsar (2022) argues that net liquidity measures capturing the operational component, such as KRBOKNETOMO, are the relevant driver of financial conditions in modern monetary systems.

## Statistical Tests

Over 186 observations from 2010-10-31 to 2026-03-31, the Bank of Korea net open-market operations is integrated of order one on the level, with the Dickey and Fuller (1979) test in the Said and Dickey (1984) form not rejecting at p = 0.9968, the Phillips and Perron (1988) test concurring at p = 0.8385, and the Kwiatkowski et al. (1992) test rejecting stationarity. On the first difference the Ljung and Box (1978) portmanteau rejects white noise at lags 12 and 24, Q = 101.30 and Q = 151.64 at p = 0.000 and p = 0.000. The Bai and Perron (1998, 2003) procedure finds no break in the mean, a reading consistent with the parameter-instability inference of Andrews (1993) on the differenced object (Perron 1989).

This series is an unadjusted monthly aggregate, so the seasonal battery is appropriate and is run, with the HEGY seasonal-unit-root test of Hylleberg et al. (1990), the QS seasonal portmanteau, and the seasonal-dummy F cross-read with Canova and Hansen (1995) finding deterministic seasonality rather than seasonal unit roots (Beaulieu and Miron 1992; Ghysels and Osborn 2001).

## Frequently Asked Questions

### What does the central bank liquidity panel for Korea track?

The components of the domestic central bank balance sheet identity together with the open market operations that add or drain reserves, including repo sales and purchases and the stock of stabilisation securities, plus a net measure of what remains with the private system.

### What does the net open market operations series show?

It nets draining against supplying operations into a single figure, so one number settles whether a period supplied or absorbed on balance. The components are published alongside it.

### How does central bank liquidity differ from the monetary aggregates?

This group measures base liquidity supplied by the central bank; the aggregates measure money and near-money held by the public. The multiplier linking them varies with bank lending behaviour and depositor preferences, so the two track each other only loosely.