SEOUL, June 21 (Korea Bizwire) – Foreign currency deposits declined for the fifth straight month in May as companies withdrew part of U.S. dollar-denominated deposits amid the weakening won and to settle imports, central bank data showed Friday. Residents’ outstanding foreign currency-denominated deposits reached US$88.96 billion at end-May, down $2.39 billion from the previous month, [...]
SEOUL, Jun. 21 (Korea Bizwire) – South Korean consumers expressed a slightly higher level of satisfaction with their overall consumption experiences in 2023, according to a survey released on June 20 by the Korea Consumer Agency. The survey, which measured perceived satisfaction on a 100-point scale, revealed an overall score of 68.1 points, a 1.1-point increase [...]
SEOUL, Jun. 21 (Korea Bizwire) – The ongoing economic struggles faced by many South Korean households due to high interest rates and inflation have led to a surge in credit card debt, surpassing 40 trillion won last month. Additionally, the use of “balance transfer” loans, which allow borrowers to consolidate debt from one credit card to [...]
SEOUL, Jun. 20 (Korea Bizwire) – As high interest rates and soaring inflation persist, domestic consumption in South Korea has been on a downward trajectory for five consecutive months, according to BC Card. The credit card company reported on June 19 that sales across seven major sectors have declined month-over-month compared to the same period last [...]
SEOUL, Jun. 19 (Korea Bizwire) — The chief of the financial regulator on Wednesday stressed the need to change the very mindset of bank officials to prevent financial incidents such as incomplete sales. Lee Bok-hyun, head of the Financial Supervisory Service (FSS), made the remark in a meeting with the heads of 20 banks in [...]
SEJONG, Jun. 16 (Korea Bizwire) – The finance ministry announced plans to sell $1.3 billion in foreign exchange stabilization bonds, aiming to attract high-quality SSA (Sovereigns, Supranationals & Agencies) investors. The targeted investor pool includes governments, central banks, international organizations, and policy finance institutions. Foreign exchange stabilization bonds are designed to allow governments to intervene [...]
SEOUL, June 16 (Korea Bizwire) – Household loans extended by five major lenders in South Korea have risen more than 2.1 trillion won (US$1.5 billion) so far this month, industry data showed Sunday. Outstanding household loans extended by the five top lenders reached 705.4 trillion won as of June 13, compared with 703.2 trillion won [...]
SEOUL, Jun. 14 (Korea Bizwire) — The economic recovery in South Korea has gathered pace on robust exports and recovering domestic demand, though external uncertainties continued over varying economic growth among nations and regional conflicts, the finance ministry said Friday. The Ministry of Economy and Finance made the assessment in the Green Book, its monthly [...]
SEOUL, Jun. 13 (Korea Bizwire) — Finance Minister Choi Sang-mok on Thursday called for beefing up an “external safety net” to better respond to uncertainties regarding interest rates in the United States and other nations. Choi made the remarks during an emergency macroeconomic meeting meant to assess the Federal Reserve’s rate-setting meeting Wednesday (U.S. time), [...]
SEOUL, Jun. 12 (Korea Bizwire) — South Korea’s chief central banker on Wednesday emphasized the importance of a timely shift toward a monetary easing policy as inflation in Asia’s fourth-largest economy still runs high. In a speech to celebrate the 74th anniversary of the central bank’s establishment, Bank of Korea Gov. Rhee Chang-yong said inflation [...]