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 [...]
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 [...]
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 [...]
SEOUL, Nov. 7 (Korea Bizwire) — The Bank of Korea (BOK) said Monday it has found some technical “restrictions” standing in the way of the introduction of a central bank digital currency (CBDC) as it has completed a mock test on the feasibility of the new form of money. The BOK launched the two-phase mock [...]
SEOUL, May 7 (Korea Bizwire) — South Korea’s central bank is likely to deliver a back-to-back key interest rate rise in May as part of its efforts to rein in inflation, a major local brokerage house said Friday. The Bank of Korea (BOK) raised its policy rate by a quarter percentage point to 1.5 percent [...]
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 [...]
SEOUL, Jan. 24 (Korea Bizwire) – The Bank of Korea (BOK) said Monday it has successfully completed its first phase of a two-step mock test of the feasibility of a central bank digital currency (CBDC) as it is reviewing whether to introduce the potential new form of money. The BOK launched the first phase in [...]
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 [...]
SEOUL, Sept. 28 (Korea Bizwire) — The Bank of Korea (BOK) said Tuesday it will expand its purchase of stocks and bonds related to environmental, social and governance (ESG) concerns, in a move to help transform South Korea to a greener economy. As of June, the BOK had purchased US$7.12 billion worth of ESG stocks [...]
SEOUL, April 29 (Korea Bizwire) – South Korea’s central bank is set to launch a pilot program to test the viability of a central bank-issued digital currency (CBDC) in the second half of this year. In a report released on Wednesday, the Bank of Korea (BOK) unveiled plans to test the CBDC’s entire lifecycle of [...]