Bank of Korea (BOK) Gov. Lee Ju-yeol warned the local stock market has been growing at a dangerously fast pace and expressed concerns about those borrowing to invest during an online press briefing held Friday.
Korea's central bank maintained the benchmark interest rate at a record low of 0.5 percent on Friday.
Household debt to banks grew by a record amount last year, increasing by over 100 trillion won ($90.7 billion), as people borrowed to purchase properties and stock and to cover living expenses during the coronavirus pandemic.
Korea's consumer sentiment fell for the first time in three months in December due to tougher antivirus measures and worsened economic expectations, central bank data showed Tuesday.
Bank of Korea Gov. Lee Ju-yeol said it is inevitable for the bank to maintain an accommodative monetary policy for now considering the slow growth in consumer prices affected by the resurgence of the coronavirus pandemic,
Korea and the United States extended their $60 billion bilateral currency swap agreement for six months as uncertainties over the global coronavirus pandemic continue, the central bank said Thursday.
Export prices fell to the lowest level in 36 years in November due to the strength of the Korean won against the U.S. dollar, central bank data showed Wednesday.
People seem to be hoarding 50,000-won ($45) bills, as fewer are ending up back in the vaults of the central bank.
Bank of Korea held the base rate steady at 0.5 percent on Thursday, maintaining the record-low figure for the sixth straight month as Covid-19 uncertainty lingers.
The product called “currency” is unique. Its value is predetermined regardless of the quality. People want to have more of it no matter how poor the paper is or how bad the design may be. Its exchange value is great, but utility...