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Korea Won Set to Lose Further Ground amid Trade Tensions, Fed Concerns

Korea Won Set to Lose Further Ground amid Trade Tensions, Fed Concerns

SEOUL, Aug. 5 (Korea Bizwire) — In the face of the escalating American-Sino trade war, its own trade feud with Japan and its worsening economic conditions, South Korea’s currency is set to further slide in the coming weeks, probably touching the 1,250-won threshold. The Korean won closed at 1,215.30 won against the greenback, plunging 17.3 [...]

20 Billion Won in Damaged Currency Exchanged over Past 5 Years

20 Billion Won in Damaged Currency Exchanged over Past 5 Years

SEOUL, Oct. 22 (Korea Bizwire) — More than 20 billion won in South Korean coins and bills has been traded in for new currency over the past five years. Rep. Shim Jae-chul, a member of the Strategy and Finance Committee at the National Assembly, said on Sunday that the value of damaged banknotes, including burnt [...]

Government Invests 10 Billion in University’s Poop-to-Currency Project

Government Invests 10 Billion in University’s Poop-to-Currency Project

ULSAN, South Korea, March 9 (Korea Bizwire) – “Ttong-bonwi-hwapae” literally translates into “poop standard currency.” And the government is investing 10 billion won ($8.65 million) over the next five years to turn this human waste-to-currency idea into reality in South Korean towns and cities.  A pilot project was initially spearheaded by the Ulsan National Institute [...]

Kakao Takes Steps to Prevent Currency Arbitrage Opportunities

Kakao Takes Steps to Prevent Currency Arbitrage Opportunities

SEOUL, Jan. 6 (Korea Bizwire) – Local tech giant Kakao is set to provide preventive measures against purchases of mobile content – namely emoticons on its messaging app Kakao Talk – using low-value currencies.  According to the company, emoticon purchases using Egyptian Pounds soared last year following the sudden plummet in the currency’s value, allowing [...]

Brexit Fallout Spurs Direct Purchasing from Britain

Brexit Fallout Spurs Direct Purchasing from Britain

SEOUL, June 27 (Korea Bizwire) – Brexit, the U.K’s decision to leave the European Union (EU), is quickly driving down the value of the British pound, and Korean shoppers are rushing to Britain’s online markets to take advantage of favorable exchange rates. Customers were quick to react to news of the ‘leave’ campaign’s victory, and started [...]