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Growth Pace of Household Lending Slows Down in Sept

Growth Pace of Household Lending Slows Down in Sept

SEOUL, Oct. 16 (Korea Bizwire) – South Korea’s household lending by banks rose at the slowest pace in five months in September, but mortgage loans continued the upside trend amid the government’s toughened financial measures to cool down the real estate market, central bank data showed Monday. Outstanding household loans from lenders came to 749.2 [...]

South Korea’s Foreign Exchange Holdings Drop for First Time in Months

South Korea’s Foreign Exchange Holdings Drop for First Time in Months

SEOUL, Oct. 13 (Korea Bizwire) – South Korea’s foreign exchange holdings have dropped for the first time in seven months, according to the Bank of Korea (BOK). The BOK said on Thursday that the country’s foreign exchange reserves were estimated at 364.7 billion dollars, down 170 million dollars from the previous month. It’s the first time [...]

Digital Currency Unlikely to be Issued Due to Numerous Problems, Bank of Korea Says

Digital Currency Unlikely to be Issued Due to Numerous Problems, Bank of Korea Says

SEOUL, Oct. 4 (Korea Bizwire) – As the public’s interest in digital currency grows, the Bank of Korea announced on October 2nd that it will be difficult for digital currency to be used as a common currency. The Bank of Korea stated this in its report on the current status and implications of digital currency [...]

Bank of Korea Offers Net 7 Trillion Won in Liquidity Ahead of Chuseok Holiday

Bank of Korea Offers Net 7 Trillion Won in Liquidity Ahead of Chuseok Holiday

SEOUL, Sept. 29 (Korea Bizwire) – The Bank of Korea said Friday it has injected a net 7 trillion won (US$6.1 billion) in liquidity into the financial system to help keep the money supply stable ahead  of the Chuseok holiday.  The central bank said its money injection for the 10 business days leading up to the  holiday jumped 43.3 percent from a year ago as this year’s holidayis the longest in decades. The government gave [...]

S. Korea Says No Big Impact from U.S. Decision to Reduce Bond Holdings

S. Korea Says No Big Impact from U.S. Decision to Reduce Bond Holdings

SEOUL, Sept. 21 (Korea Bizwire) — South Korea said Thursday that the Federal Reserve’s decision to trim its balance sheet is likely to have a limited impact on Asia’s fourth-largest economy. “I don’t think the Fed’s decision will have a big impact on the domestic financial markets,” Bank of Korea Gov. Lee Ju-yeol told reporters [...]

Household Debt May Limit Policy Maneuvering, Finance Minister Says

Household Debt May Limit Policy Maneuvering, Finance Minister Says

SEOUL, Sept. 14 (Korea Bizwire) – South Korea’s top economic policymaker on Thursday expressed concerns that ballooning household debt may narrow room for policy maneuvering in Asia’s fourth-largest economy when interest rates rise, while downplaying the chance of high household debt posing a threat to the overall economy. “The risk of massive household debt will [...]

Bank of Korea More Pessimistic Than Before, but Still Cautiously Hopeful

Bank of Korea More Pessimistic Than Before, but Still Cautiously Hopeful

SEOUL, Aug. 28 (Korea Bizwire) — The Bank of Korea submitted a report to the Strategy and Finance Committee of the National Assembly today in which it predicted that this year’s economic growth would fall short of 3 percent despite the improving global economy and supplementary revisions made to the national budget. The central bank [...]

Corporate Loans by Secondary Financial Institutions Up by 17 Percent

Corporate Loans by Secondary Financial Institutions Up by 17 Percent

SEOUL, Aug. 28 (Korea Bizwire) – Corporate lending extended by South Korea’s nonbank financial institutions surged nearly 17 percent in the first half of the year amid tougher rules for household loans, central bank data showed Monday. Outstanding corporate loans by local secondary financial institutions, including credit cooperatives and savings banks, came to 113.4 trillion [...]