Bank of Korea Archives | Be Korea-savvy
Electronic Payments Hit Record High in 2017

Electronic Payments Hit Record High in 2017

SEOUL, April 3 (Korea Bizwire) — The amount of payments made electronically hit a fresh record high last year amid a growing trend of South Koreans using the Internet and mobile devices to carry out their financial transactions, central bank data showed Tuesday. The daily average for electronic financial transactions came to 468.8 billion won [...]

Foreign IBs Predict BOK to Conduct One Rate Hike This Year

Foreign IBs Predict BOK to Conduct One Rate Hike This Year

SEOUL, Mar. 23 (Korea Bizwire) — Major foreign investment banks (IBs) have forecast South Korea’s central bank to hike interest rates once this year due to the fallout from growing protectionism and a slowdown in job creation, a report said Friday. The projection runs counter to views by some market watchers that the Bank of [...]

Central Bank Board Members See No Need to Raise Key Rate on Low Inflation Pressure

Central Bank Board Members See No Need to Raise Key Rate on Low Inflation Pressure

SEOUL, March 20 (Korea Bizwire) – Members of South Korea’s central bank policy board agreed to freeze the key rate last month as inflation pressure remained low and economic growth was moderate, according to minutes from the monetary meeting released Tuesday. The Bank of Korea’s (BOK) monetary policy board meeting on Feb. 27 held the base rate at 1.50 percent for the second time in a row since raising the rate for the first time in more than six years [...]

S. Korean Banks’ Foreign Currency Deposits Decrease in Feb.

S. Korean Banks’ Foreign Currency Deposits Decrease in Feb.

SEOUL, March 15 (Korea Bizwire) – Foreign currency deposits at banks in South Korea dropped for the second-straight month in February amid the strong U.S. dollar trend, central bank data showed Thursday. Foreign currency deposits held by banks here reached US$80.96 billion at the end of February, down $940 million from a month earlier, according to the data compiled by the Bank of Korea (BOK). It said [...]

S. Korea Expected to Announce Nominee for Next BOK Chief Next Monday

S. Korea Expected to Announce Nominee for Next BOK Chief Next Monday

SEOUL, March 2 (Korea Bizwire) – President Moon Jae-in is expected to announce the nominee for the next governor of the Bank of Korea (BOK) early next week, a presidential official said Friday. Asked whether the presidential office will make the announcement next Monday, the official replied, “It is likely.”  BOK Gov. Lee Ju-yeol’s four-year term concludes at the end of this month and the new BOK head is facing challenges [...]

S&P Raises S. Korea’s Growth Outlook to 2.8 % This Year on Global Recovery

S&P Raises S. Korea’s Growth Outlook to 2.8 % This Year on Global Recovery

SEOUL, Jan. 24 (Korea Bizwire) – Global rating agency Standard & Poor’s said Wednesday it has raised the outlook for South Korea’s growth rate to 2.8 percent this year from its previous forecast of 2.55 percent, citing the global economic recovery and rising exports of South Korean goods. The Bank of Korea (BOK) said last week that South Korea’s gross [...]