The central bank said Wednesday it will further expand financial support for smaller merchants and firms to help them ease a funding squeeze amid the new coronavirus outbreak.
The approach to the current economic crisis differs greatly from the approaches to earlier crises. Because the economic environment has changed so much since 1997 and 2008.
Not sure what to do with that handful of 100 won ($0.08) coins you received after buying a cup of coffee? Don't worry, the Bank of Korea wants to get rid of them for you.
The Bank of Korea significantly lowered its 2020 GDP growth forecast from negative 0.2 percent to negative 1.3 percent, factoring in the latest wave of Covid-19 infections.
Lee Seung-heon was appointed senior deputy governor of the Bank of Korea on Aug. 20, replacing Yoon Myun-shik, whose appointment ends the same day. Lee’s three-year term starts Aug. 21.
Household debt hit a new record of 1,637.3 trillion won ($1.39 billion) during the second quarter owing to a rise in mortgage loans and loans for stock exchange investments, the Bank of Korea (BOK) announced Wednesday.
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.
Korea and the United States extended their $60 billion bilateral currency swap agreement for six months as uncertainties remain with the coronavirus crisis. The swap line has been extended to March 31, 2021.
Foreign currency deposits at banks in Korea surged to a new record high in June, central bank data showed Wednesday, amid pandemic-caused uncertainties that pushed both businesses and individuals to boost their currency holdings.
According to the Korea Customs Service on Monday, exports in the first 10 days amounted to $13.3 billion, a 1.7 percent decline compared to the same period a year ago. In previous months, the declines were in the double digits.