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‘Super Weak Yen’ Poses New Challenge for South Korean Exports

‘Super Weak Yen’ Poses New Challenge for South Korean Exports

SEOUL, Jul. 5 (Korea Bizwire) – The widening interest rate gap between Japan and the United States has led to a “super weak yen” phenomenon, creating an unexpected hurdle for South Korea’s previously robust export sector. As the U.S. maintains high interest rates, the dollar continues to strengthen, but the yen’s value has fallen more sharply [...]

Overseas Direct Purchases in U.S. Dwindle as S. Korea’s Currency Tumbles

Overseas Direct Purchases in U.S. Dwindle as S. Korea’s Currency Tumbles

SEOUL, Oct. 11 (Korea Bizwire) — The overseas direct purchase market is cooling down rapidly as the South Korean currency fell sharply. Users point out that the spiking exchange rate is depriving them of the incentive to use direct foreign purchase services. An office worker surnamed Choi recently gave up on purchasing a US$202 bag from the [...]

Weak Korean Won Pulls Foreign Direct Purchasing Enthusiasts Back to Domestic Shopping Malls

Weak Korean Won Pulls Foreign Direct Purchasing Enthusiasts Back to Domestic Shopping Malls

SEOUL, July 4 (Korea Bizwire) — The Korean currency has reached a new 13-year low against the U.S. dollar, prompting foreign direct purchase enthusiasts to return to domestic shopping malls. Online communities for foreign direct purchasing are increasingly sharing the view that buying goods abroad is either more expensive or equivalent in price to shopping [...]

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 [...]

Learning to Spot Fake Banknotes

Learning to Spot Fake Banknotes

SEOUL, Feb. 3 (Korea Bizwire) – The Bank of Korea Money Museum, located in Myeongdong, central Seoul, opened in 2001 to celebrate the 50th anniversary of South Korea’s central bank (the bank opened in June 1950).  In addition to its display of some 4,500 banknotes from around the world, the facility delves into the history [...]

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 [...]