The Bank of Korea (BOK) on Sunday urged the government to support increased overseas investment to counter slow domestic growth and economic problems associated with the country's low birth rate.
The central bank said in the first half of this year, 2.7 trillion won worth of bills were damaged due to soaking or burning. A total of 226.6 million 10,000 won bills were destroyed, while 85.6 million 1,000 won bills were destroyed
Korea is in recession, for the first time in 17 years, as exports dropped the most in more than half a century.
Korea’s central bank froze the key interest rate at its record low of 0.5 percent Thursday as it gauges the effects of two previous cuts on overheated property prices and soaring household debt.
Export prices continued on an upward trend for the second month in a row in June, the first time since last year’s February-to-May period that export prices rose for more than two consecutive months.
Korea's household debt grew at an increased speed in June, while the rise in corporate loans slowed sharply from a month earlier following the government's stimulus measures aimed at supporting the pandemic-hit economy.
An unprecedented maneuver for adding dollars to the domestic market was announced by the Bank of Korea and the Ministry of Finance on Tuesday.
The Bank of Korea (BOK), which just celebrated its 70th anniversary, is taking on an unexpected partner: Kakao, the startup-turned-IT giant that just turned 10 years old.
The stock holdings of Cho Yoon-je, a former Korean ambassador to the United States recently appointed to the Bank of Korea’s Monetary Policy Board, pose a conflict to his duties to make monetary policy decisions, the central bank announced Tuesday.
Foreign currency deposits at banks in Korea surged to the highest amount in over two years last month, central bank data showed Tuesday, amid pandemic-triggered uncertainties that apparently prompted local businesses to stockpile hard currency.