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Bank of Korea Develops Improved Inflation Forecast Model Using Big Data and AI

Bank of Korea Develops Improved Inflation Forecast Model Using Big Data and AI

SEOUL, Feb. 6 (Korea Bizwire) –The Bank of Korea announced on February 6 that it has developed an inflation forecast model with improved predictive accuracy, utilizing big data, artificial intelligence (AI), and machine learning (ML) technologies. Lee Changhoon, head of the digital technology R&D team at the Bank of Korea, shared these insights in a [...]

Policy Pivot, Weak Demand, Property Market Uncertainty Pose Risks to Financial Stability: BOK

Policy Pivot, Weak Demand, Property Market Uncertainty Pose Risks to Financial Stability: BOK

SEOUL, Dec. 28 (Korea Bizwire) — A pivot in monetary tightening modes, weak domestic demand and uncertainties over the property market may pose risks to financial stability, although the country’s financial system remains relatively stable, a central bank report showed Thursday. In its report on financial stability, the Bank of Korea (BOK) said market expectations [...]

Bank of Korea Introduces Automatic Vault System

Bank of Korea Introduces Automatic Vault System

SEOUL, Aug. 18 (Korea Bizwire) — The Bank of Korea (BOK) announced the launch of an automatic vault system that integrates advanced logistics automation with a computerized framework. The system involves automated inspection through an inspection machine, loading via a palletizing robot, and movement and storage facilitated by conveyors and automated guided vehicles (AGVs). Upon [...]

BOK Expected to Deliver 4 More Rate Hikes by Year’s End amid Inflation Woes: JP Morgan

BOK Expected to Deliver 4 More Rate Hikes by Year’s End amid Inflation Woes: JP Morgan

SEOUL, May 4 (Korea Bizwire) — South Korea’s central bank is expected to hike its key interest rate four more times by year’s end considering its hawkish stance shown in the minutes of its latest rate-setting meeting, global investment bank JP Morgan said Wednesday. On Tuesday, the Bank of Korea (BOK) disclosed the minutes of [...]

Use of Robots Results in ‘Meaningful’ Decline in Human Labor Demand in Manufacturing: BOK Report

Use of Robots Results in ‘Meaningful’ Decline in Human Labor Demand in Manufacturing: BOK Report

SEOUL, Dec. 15 (Korea Bizwire) — Expanded use of robots has resulted in a “meaningful” decline in demand for human labor in the manufacturing industry while replacing mostly “routine” and “repetitive” jobs, a central bank report said Wednesday. The Bank of Korea’s report was based on data related to introduction of robots in industries and [...]