SEOUL, May 6 (Korea Bizwire) — Volatility in the foreign exchange (FX) market will likely persist for some time amid uncertainties in the global economy and domestic politics, South Korea’s top central banker said Tuesday, while reiterating the need for monetary easing to boost the local economy. “It is still too early to say whether [...]
SEOUL, May 1 (Korea Bizwire) — Bank of Korea (BOK) Gov. Rhee Chang-yong plans to attend the annual meeting of the Asian Development Bank (ADB) and gatherings of ASEAN finance ministers and central bank governors in Milan next week to discuss global economic conditions and other major financial issues, his office said Thursday. Rhee is [...]
SEOUL, April 18 (Korea Bizwire) — South Korea’s top central banker will attend meetings of the Group of 20 (G20) finance ministers and central bank chiefs, as well as the International Monetary Fund–World Bank Group (IMF-WBG) meetings, to be held in the United States, his office said Friday. Bank of Korea (BOK) Gov. Rhee Chang-yong [...]
SEOUL, March 21 (Korea Bizwire) — Bank of Korea (BOK) Gov. Rhee Chang-yong on Friday called for reforming South Korea’s college entrance system in order to nurture talents capable of leading innovations. Rhee made the point during the opening ceremony of a research institute on population and talent issues at Yonsei University in Seoul. “Leading [...]
SEOUL, Oct. 11 (Korea Bizwire) — The Bank of Korea (BOK)’s first interest rate cut in 38 months highlighted the urgent need for South Korea to ease interest burdens on households and businesses to prop up sagging domestic demand despite concerns over rising home prices and household debts, experts said Friday. The BOK lowered its [...]
SEOUL, July 7 (Korea Bizwire) – The government borrowed over 91 trillion won (US$65.8 billion) from the Bank of Korea (BOK) in temporary loans in the first half of the year to fill its fiscal shortfall, data showed Sunday. According to the BOK data submitted to Rep. Yang Boo-nam of the main opposition Democratic Party, [...]
SEOUL, May 16 (Korea Bizwire) — Samsung Electronics Co. and the Bank of Korea (BOK) on Monday signed an agreement to advance technology related to the offline central bank digital currency (CBDC) currently under development. In the previous year, Samsung participated in the central bank’s second phase of the CBDC mock test research. As a [...]
SEOUL, Jan. 24 (Korea Bizwire) — The Bank of Korea (BOK) again cut its growth forecast for the 2019 economy to 2.6 percent Thursday, following a 0.1 percentage point slash in October, in a clear sign of gloomy growth prospects going forward. The number is 0.3 percentage point lower than the central bank’s original forecast [...]
SEOUL, March 8 (Korea Bizwire) — South Korean consumers are increasingly pulling out their debit cards to make purchases, thanks in part to the income tax deductions their use engenders and attractive loyalty programs, new data from the Bank of Korea (BOK) has revealed. According to the report released by the BOK on Tuesday, spending on [...]
SEOUL, Jan. 2 (Korea Bizwire) – A hike in the base rate by the South Korean central bank is expected to increase funding costs of local businesses, a report said Tuesday, amid the recent trend of monetary normalization. According to the report published by the Korea Institute of Finance (KIF), if the Bank of Korea [...]