SEOUL, Aug. 30 (Korea Bizwire) — The Bank of Korea (BOK) said Friday that it agreed to launch local currency transactions for cross-border payments in late September. Under the agreement, current account transactions between the two nations in their local currencies will be facilitated, and costs for businesses and other users will be reduced, they [...]
GANGNEUNG, Aug. 29 (Korea Bizwire) — In a bid to breathe new life into its currency museum, the city of Gangneung is set to create a space where visitors can view current banknotes and coins from around the world, all under one roof. The Ojukheon Museum, located within the historic Ojukheon complex, signed a memorandum of understanding [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, March 29 (Korea Bizwire) – The South Korean currency is expected to strengthen further against the U.S. dollar for the time being on the Fed’s confirmation of its tight monetary policy and other factors, analysts said Wednesday. With the greenback remaining weak against major Asian monetary units, the local currency is highly likely to [...]
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 [...]
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 [...]