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Sat, December 3, 2022 | 02:26

Bank CEOs vow to cooperate to stabilize local credit market

Bank CEOs vow to cooperate to stabilize local credit market

In a move to provide necessary liquidity to local credit markets, the CEOs of 20 Korean banks pledged Wednesday to minimize the issuance of bank notes, while continuing to purchase various commercial papers (CP), asset-backed commercial papers (ABCP) and repurchase agreements (RP or repos), a short-term agreement to sell securities in order to buy them back at a higher price.

Anna J. Park | 2022-11-09 17:12

Specter of debt crisis looms large amid soaring rates

Specter of debt crisis looms large amid soaring rates

A surge in borrowing costs is making life tougher for Koreans who are already struggling with record household debt, with an estimated 1.2 million individual borrowers likely to be incapable of paying back debts. Such an extreme financial situation is pushing more borrowers to turn to private money lenders as a last resort in order to live, which in turn, increases their debt...

2022-11-09 17:02

Statistics Korea hosts international conference on crime statistics

Statistics Korea hosts international conference on crime statistics

Statistics Korea is holding an international conference on crime statistics in Seoul from Wednesday to Friday. The statistics office is jointly hosting the 6th International Conference on Governance, Crime and Justice Statistics with Mexico's National Institute of Statistics and Geography (INEGI), the United Nations Office on Drugs and Crime (UNODC) and the UNODC Centers of E...

2022-11-09 16:51

Banks' household loans shrink for 2nd straight month in Oct. on rising borrowing costs

Banks' household loans shrink for 2nd straight month in Oct. on rising borrowing costs

Household loans extended by banks in Korea shrank for the second straight month in October as borrowing costs remained high, affected by the central bank's aggressive monetary tightening to bring inflation down, data showed Wednesday.

2022-11-09 14:11

Korea resumes training program for financial bureaucrats around Asia

Korea resumes training program for financial bureaucrats around Asia

Korea has resumed a training program for financial bureaucrats from developing Asian countries, after having suspended it for the past two years due to the COVID-19 pandemic, the Ministry of Economy and Finance said Tuesday. It said the program began on Monday for a five-day run, with participation of 16 director-level officials from finance ministries and central banks from ...

2022-11-08 16:57

Will Korean won continue to gain ground against US dollar?

Will Korean won continue to gain ground against US dollar?

With the Korean won bouncing back against the U.S. dollar, there is growing attention to whether the local currency will continue to gain ground against the greenback, on the back of a string of events this week in the United States and China that raise hope for relief from U.S. inflation as well as the dollar's decline. The won has remained at the 1,400-won level for more th...

2022-11-08 16:56

Winners of 18th Economic Essay Contest announced

Winners of 18th Economic Essay Contest announced

The Korea Times is pleased to announce the winners of its 18th English Economic Essay Contest for university students written on one of two subjects: "What should be the strategies for financial companies or how should they use their platforms to lure MZ Generation customers?” and "What ESG practices can be adopted by financial companies such as banks?”

2022-11-08 16:24

Asian countries predicted to suffer from aging population and slower growth: report

Asian countries predicted to suffer from aging population and slower growth: report

Major Asian countries will experience key demographic changes consisting of a shrinking and fast-aging population, while the proportion of their workforces and capital provision, as well as productivity in the global market are likely to decline further in the near future. This is according to the latest report by the Credit Suisse Research Institute (CSRI), titled “The globa...

Anna J. Park | 2022-11-08 08:54

Current acccount surplus turns to surplus in September

Current acccount surplus turns to surplus in September

Korea posted a current account surplus in September, swinging from the previous month's shortfall, but it was much smaller than a year earlier as import bills remained high and outbound travel grew due to eased pandemic-related curbs, central bank data showed Tuesday.

2022-11-08 08:31

FSS chief downplays concerns over liquidity crisis

FSS chief downplays concerns over liquidity crisis

Financial Supervisory Service (FSS) Governor Lee Bok-hyun assuaged market anxieties and concerns over an increased possibility of Korea's corporate credit crunch, stressing that the temporary shortage of liquidity experienced in some sectors of the economy is not threatening the entire financial system's liquidity.

Anna J. Park | 2022-11-07 16:42

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