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Tue, May 30, 2023 | 10:20
Rate freeze does not mean end of tightening cycle: BOK governor
The Bank of Korea (BOK) kept the key interest rate unchanged at 3.5 percent, Thursday, halting a monetary-tightening campaign that lasted more than a year amid mounting woes over slowing economic growth. The central bank also lowered its 2023 economic growth outlook for Korea to 1.6 percent from 1.7 percent, while reducing the inflation forecast to 3.5 percent from 3.6 percen...
Inflation, joblessness exacerbate Koreans' economic distress
The degree of economic distress felt by Koreans has exacerbated quickly, as a toxic mixture of high inflation and unemployment deals a blow to their daily lives, data showed Wednesday. Released by Rep. Kim Hoi-jae of the main opposition Democratic Party of Korea (DPK), the economic misery index - a measurement of the financial well-being of a country's citizens calculated by ...
'Be secure, frugal': Hana investment trends report
Koreans are likely to look for more secure and thrifty ways to invest in 2023 amid high inflation, costly borrowing rates and slow economic growth adding to people's woes, a report said Wednesday. Released by Hana Institute of Finance, the report also urged financial services companies to adopt a more efficient mix of in-person and offline services in the post-pandemic era wh...
Banks rush to share economic burden following gov't pressure
Commercial banks are taking a series of measures aimed at sharing the economic burden felt by the public after the government slammed the lenders for making windfall profits from rising interest rates, while turning a blind eye to the worsening livelihoods of Koreans.
NongHyup Bank to enhance global partnership with ING
NH NongHyup Bank said Tuesday that a high-ranking executive of Dutch multinational banking company ING visited Seoul to discuss ways to enhance their partnership. The Korean bank said Deputy President Lee Yeon-ho met ING Global Head of Transaction Services Elvira Kruger at the bank's headquarters in central Seoul, Monday.
Planned alcohol price hike to add to livelihood woes
Prices of beer and soju may go up again following last year's hike, which would add to the people's woes in the midst of economic uncertainties. Beer and soju have been possibly the two most-sought-after drinks among consumers at times of economic difficulty as they are cheap compared to other alcoholic beverages.
Robot delivery service to be available for Korean consumers from 2026
The government said Monday it will push to commercialize the delivery of packages by robots and drones starting in 2026 and 2027, respectively, on its path to build a next-generation logistics system. It also said it will begin urban air mobility (UAM) vehicle tests with six Korean consortiums to fully commercialize them in 2025, while opening an independent organization resp...
Citibank Korea to send highest dividends in 3 years to US headquarters
Citibank Korea will hand out 73.2 billion won ($56.3 million) in dividends to its shareholders this year, according to the company and the Korea Federation of Banks, Friday. The amount will mark the highest in the past three years, including 2019 and 2020 when the dividend payouts amounted to 65.2 billion won and 46.5 billion, respectively.
Hana Bank to offer 1% cash reward to low-income borrowers
Hana Bank will reward low-income borrowers with cash that is worth 1 percent of their remaining principal balance after they make withdrawals from the bank under the government's special loan program, the company announced on Friday. The reward will come in line with the Yoon Suk Yeol administration's call on major banks to lessen the financial burden of everyday citizens.
BOK feels increasing pressure to raise rate amid undying inflation
The Bank of Korea (BOK) is being pressed to increase its policy rate again next week, as inflation here may possibly be rising again since January after cooling down in November and December. The BOK may not be able to take a breather in its rate policy, also due to a slower-than-expected decline in U.S. inflation last month.