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Finance

Economy

Sun, May 29, 2022 | 13:50

Regional banks' declining offline business casts doubts over relocation plan of Seoul firms

The country's regional banks are shutting down their branches over the declining profitability of offline services, which in turn is casting doubts over the feasibility of President Yoon Suk-yeol's plan to relocate Seoul-headquartered financial institutions outside the nation's capital. Yoon has been singling out state-run policy lender Korea Development Bank (KDB) in his rel...

Yi Whan-woo | 2022-05-28 19:03

Finance minister vows to push for regulatory overhaul

Finance Minister Choo Kyung-ho vowed to streamline unnecessary and excessive regulations in the financial sector, leaving only those regulations that are required for maintaining financial companies' financial soundness and protecting consumers. The comment was made during Minister Choo's first official meeting with chairmen of the country's five major financial groups ― Shin...

Anna J. Park | 2022-05-27 18:29

Trade deficit feared to become long-lasting trend

The Korean economy is witnessing growing concerns about its ever-increasing trade deficit, which has exceeded the $10-billion mark this year alone, as the country is expected to log a trade deficit in May for the third consecutive month. Analysts say the trend will continue for a while, with a twin deficit becoming more likely. According to the Korea Customs Service last week...

Anna J. Park | 2022-05-27 09:00

Industry minister pledges full support for exporters

Moody's lowers S. Korea's growth outlook to 2.5%

Moody's Investors Service on Thursday forecast South Korea economy will grow 2.5 percent this year, 0.2 percentage point lower than its previous outlook.

2022-05-26 21:46

BOK raises key rate to 1.75%, signals more hikes soon

The Bank of Korea (BOK) hiked its key interest rate by a quarter percentage point to 1.75 percent, Thursday, its first back-to-back rate increase in 15 years, in a desperate bid to fight inflation. BOK Governor Rhee Chang-yong hinted at additional hikes in the months to come, stressing that the central bank will place a top priority on keeping prices under control over growth...

Yi Whan-woo | 2022-05-26 16:57

Fed officials stress 'determination' to bring down inflation

Young Koreans more pessimistic about economy than global peers: Deloitte survey

Members of Gen Z and the Millennial generation around the world are generally concerned about financial matters, but Korea's younger generation appears to be more concerned and pessimistic about their financial and economic prospects than their global peers, a survey showed. These findings are according to Deloitte's “2022 Gen Z and Millennial Survey,” the global firm's 11th ...

Anna J. Park | 2022-05-26 16:21

Diesel, gasoline prices top 2,000 won amid tight supply

The price of diesel and gasoline in Korea both climbed to over 2,000 won (US$1.58) per liter Thursday on a continued tight global supply, industry data showed.

2022-05-26 15:48

Inflation growth may exceed 5% in May: gov't official

The government plans to announce a set of measures to tame inflationary pressure and stabilize people's livelihoods next week amid the prospect that the growth of consumer prices could top 5 percent, a senior official said Thursday.

2022-05-26 11:37

BOK hikes policy rate to 1.75% to combat inflation

BOK hikes policy rate to 1.75% to combat inflation

The central bank hiked its key policy rate by a quarter percentage point Thursday as it strives to rein in inflation that is running high amid soaring oil and commodity prices driven up by global supply chain disruptions and the ongoing war in Ukraine.As widely expected, the monetary policy board of the Bank of Korea (BOK) voted to increase the benchmark seven-day repo rate t...

2022-05-26 10:29

Inflation growth may exceed 5% in May: gov't official

Users of mobile financial services grow over 2 years

Koreans' use of mobile banking and other online financial services increased in 2021 from two years earlier as customers preferred non-contact services amid the coronavirus pandemic, central bank data showed Wednesday.

2022-05-25 14:24

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