This is the official bank rate for South Korea. According to the BOK, the policy rate has been changed from overnight call rate(KOCRD Index) to "the Bank of Korea Base Rate (KORP7D Index)" since March 2008. The bank of korea changed the target rate to "official bank rates'' from the call rate on overnight inter-bank lending, which has been used as the benchmark for monetary policy since 1999. The new benchmark was set using a mixture of rates on repurchase agreements, deposits and loans that apply between thecentral bank and financial companies. This change was effective on Mar.07, 2008.