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Interest rates are shown at a savings bank in Seoul on Monday. The government will provide emergency financial aid to the financially vulnerable next month, including discounts in principal and interest. The Financial Services Commisison announced...
Banks are being pressured by the financial authorities to redistribute wealth.
While ordinary citizens are struggling with high interest rates, commercial banks are doling out hefty bonuses to their employees and still reduce branch services by faithfully respecting the 9:30 a.m. to 3:30 p.m. working hours.
Shoppers browse for groceries at a large mart in Seoul on Thursday as inflation remains above 5 percent.
Driven by the rising base rates, savings deposits in accounts with more than 1 billion won ($700,525) hit a record 787.9 trillion won as of June, up 2.4 percent this year, according to the Bank of Korea, Monday.
Standard Chartered Bank Korea (SC Korea) offers a variety of innovative banking products with optimal interest rates.
The number of apartment unit purchases by people in their 20s and 30s has decreased compared to last year.
According to the Financial Services Commission (FSC) on Tuesday, the extensions could be granted as far as Sept. 2023 under certain conditions, and maturities could be extended up to three years with the agreement of the lender.
President Yoon Suk-yeol's chief economic advisor Choi Sang-mok told reporters in New York that President Yoon and President Joe Biden have agreed on activating liquidity facilities, which may include currency swap, if needed.
Prices in Korea rose across the board, with everything from manufactured goods to electricity becoming more expensive, according to Statistics Korea. It was the second consecutive month in which inflation was above 6 percent.
Korea JoongAng Daily Sitemap