SEOUL, Jan. 7 (Korea Bizwire) – The South Korean central bank officially abolished its dress code at the start of the new year, a move aimed at revamping its conservative and rigid organizational culture. On Monday, the first work day of the new year, it was not hard to find Bank of Korea (BOK) employees wearing sweaters, [...]
SEOUL, Oct. 7 (Korea Bizwire) — The Bank of Korea (BOK) said Wednesday it plans to test-run issuing and circulating a central bank-issued digital currency (CBDC) next year, as the bank will launch a pilot program to study the potential introduction of a new cryptocurrency. In March this year, the BOK began reviewing legal and [...]
SEOUL, Aug. 19 (Korea Bizwire) — A new report has revealed that if strong lockdown measures are taken to prevent the spread of the coronavirus, which has recently seen a resurgence in South Korea, on third the country’s workers would have difficulty in conducting normal economic activities. In a report issued on Tuesday, the Bank [...]
SEOUL, June 15 (Korea Bizwire) — The Bank of Korea (BOK) on Monday launched a legal advisory group for central bank-issued digital currency (CBDC) to help review legal issues related to its possible issuance of such a currency in the future. The six-member panel consists of law professors and legal practitioners, including lawyers, who will [...]
SEOUL, April 6 (Korea Bizwire) — The Bank of Korea (BOK) said Monday that it has launched a pilot program for a central bank-issued digital currency (CBDC) to check its capabilities in issuing such a currency. The test program was launched last month and will be concluded before the end of next year. The test [...]
SEOUL, Jan. 24 (Korea Bizwire) — The Bank of Korea said Thursday it has issued over 6 trillion won (US$5.15 billion) worth of fresh banknotes ahead of the Lunar New Year holiday that starts on Friday. The move apparently comes in preparation for high demand for fresh bills due to the long-lived tradition of elders [...]
SEOUL, Dec. 23 (Korea Bizwire) — The number of South Koreans overqualified for their current jobs has reached a record high of over 30 percent this year, a central bank report showed Monday, suggesting overeducation may be adding to the country’s overall costs and that the nation may also be running out of quality jobs. [...]
SEOUL, Nov. 8 (Korea Bizwire) — A new financial service will be introduced early next year that allows consumers to buy products in cash and receive change via their bank account at convenience stores and shopping malls. The Bank of Korea (BOK) announced on Thursday that it is now recruiting distributors who wish to participate [...]
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 [...]
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 [...]