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Loans to Accommodation, Food Services Sectors Jump amid Resurgence of Virus

Loans to Accommodation, Food Services Sectors Jump amid Resurgence of Virus

SEOUL, Nov. 16 (Korea Bizwire) — Loans to accommodation and food services sectors have jumped due to a recent resurgence of the novel coronavirus, central bank data showed Monday. Outstanding loans to lodging and eating businesses totaled 71.1 trillion won (US$64.2 billion) as of September, up 21.5 percent from a year ago, according to the [...]

Overseas Card Spending Dips by Most in Over 2 Decades in Q2 amid Pandemic

Overseas Card Spending Dips by Most in Over 2 Decades in Q2 amid Pandemic

SEOUL, Aug. 27 (Korea Bizwire) — South Koreans’ overseas card spending dropped by the most in more than two decades in the second quarter on a sharp decline in the number of outbound travelers amid the COVID-19 pandemic, central bank data showed Thursday. The amount of money spent overseas by Koreans with cards, including credit [...]

With Low Interest Rates and Nowhere to Invest, More Opt to Simply Hold Money

With Low Interest Rates and Nowhere to Invest, More Opt to Simply Hold Money

SEOUL, July 2 (Korea Bizwire) — Major banks in South Korea saw their time deposits decline from a month earlier in June, while their money market deposits jumped sharply, apparently suggesting more people were hoping to invest their money amid record low interest rates but were unable to do so amid a coronavirus-caused slump, data [...]

Credit Card Spending Drops at Record Rate in March amid Virus Woes

Credit Card Spending Drops at Record Rate in March amid Virus Woes

SEOUL, April 28 (Korea Bizwire) — South Korea’s credit card spending fell at the fastest rate ever last month, data showed Tuesday, amid the spread of the new coronavirus that continued to keep people away from unnecessary contact. In March, the amount of purchases using credit and debit cards dropped 4.3 percent from the same [...]