Bank of Korea Archives | Be Korea-savvy
Bank of Korea to Introduce Service to Receive Change via Bank Account

Bank of Korea to Introduce Service to Receive Change via Bank Account

SEOUL, Oct. 4 (Korea Bizwire) — The Bank of Korea (BOK) announced plans to introduce a new service this year that will allow citizens to receive change through their bank account as part of its ‘coinless society’ initiative. “We will introduce a new service by the fourth quarter of this year that will allow customers [...]

S. Korea’s Growth Potential Set to Decline Due to Aging Population

S. Korea’s Growth Potential Set to Decline Due to Aging Population

SEOUL, Sept. 9 (Korea Bizwire) — South Korea’s growth potential is expected to fall at a faster rate than earlier anticipated largely due to the aging of the population that will also lead to a cut in the number of eligible workers, a central bank report said Monday. The country’s growth potential for the 2016-2020 [...]

221 mln Coins Reborn as Banknotes

221 mln Coins Reborn as Banknotes

SEOUL, Jun. 21 (Korea Bizwire) — The Bank of Korea (BOK) said Thursday that it conducted a month-long “Pan-National Coin Exchange Campaign” in May, exchanging a total of 221 million coins worth 32.2 billion won (US$27.7 million) for banknotes. The campaign was led by the Korea Federation of Banks, Korean Federation of Community Credit Cooperatives, [...]

S. Korean Landlord Has Nearly 200 mln Won in Debt: BOK

S. Korean Landlord Has Nearly 200 mln Won in Debt: BOK

SEOUL, Mar. 28 (Korea Bizwire) — An average landlord in South Korea owed 200 million won (US$176,000) to financial institutions last year, a central bank report showed Thursday. According to the Financial Stability Report submitted by the Bank of Korea (BOK) to parliament, the total financial debt of households that lease homes and commercial buildings [...]