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Economy

Wed, July 6, 2022 | 09:23

Korea's inflation soars to 24-year high, weighing on economy

Consumer prices in Korea last month jumped at the fastest pace in nearly 24 years, putting more pressure on the country to heighten measures against inflation amid growing fears of stagflation. According to Statistics Korea, Tuesday, the country's consumer prices rose 6 percent in June from a year earlier, marking the sharpest rise since November 1998 when it stood at 6.8 per...

2022-07-05 16:53

Foreign exchange reserves suffer largest fall since 2008

Korea's foreign exchange reserves reported the biggest monthly decline in June since the 2008 global financial crisis, as authorities sold foreign currencies to defend a sharp depreciation of the Korean won. According to the Bank of Korea (BOK), the figure reached $438.28 billion won as of the end of last month. This is a drop of $9.43 billion from a month earlier.

2022-07-05 16:46

Foreign reserves dip by most in over 13 years in June amid currency volatility

Korea's foreign reserves fell by the largest amount in more than 13 years in June as foreign exchange authorities unloaded the U.S. dollar to help stem the won's sharp weakness, central bank data showed Tuesday.

2022-07-05 09:38

Korea's inflation growth hits nearly 24-year high in June on fuel costs

Korea's consumer prices rose at the fastest clip in nearly 24 years in June due to high energy and food costs, and a rebound in demand from the pandemic, data showed Tuesday.Consumer prices soared 6 percent last month from a year earlier, accelerating from a 5.4 percent on-year spike in May, according to the data from Statistics Korea.

2022-07-05 08:36

S&P estimates S. Korea's inflation at 5% for 2022

Global credit appraiser S&P Global Ratings said Monday South Korea's annual inflation is expected to hit 5 percent this year due to higher energy and commodity prices. In its latest report, S&P said the inflation in the Asia-Pacific region has risen and that it has decided to raise its inflation outlook for other major economies in the area, including Australia, India and Ind...

2022-07-04 21:09

Central American development bank to run investment campaign in Korea

A development bank for Central America will host a promotional campaign in Seoul, Busan and Ulsan for a week from Tuesday, to facilitate investments from Korea in Central American countries. The Central American Bank for Economic Integration (CABEI) campaign will draw support from both the public and private sectors, Korea's Ministry of Economy and Finance said Monday.

2022-07-04 16:34

FSS looks into forex trading records of local banks

The Financial Supervisory Service (FSS) has begun investigating the foreign exchange trading records of local banks following abnormal foreign currency trading activities amounting to 800 billion won ($616 million) spotted at one Woori Bank branch in Seoul during the past year. Suspicions were aroused when an exceptionally high volume of foreign exchange trading - more than 1...

Anna J. Park | 2022-07-04 16:32

Korea's power demand hits new high in June amid hot weather

Korea's electricity demand touched a fresh all-time high in June as the country was struck by an early heat wave, data showed Monday.

2022-07-04 10:58

Preemptive measures in store to tackle risks from rising rates: chief policymakers

Korea's finance minister, the central bank chief and financial regulators said Monday they will step up policy coordination to minimize fallout from rising interest rates at home and abroad.

2022-07-04 09:59

Inflation expected to accelerate further in 2nd half

Korea's inflation is widely expected to accelerate further and keep setting new highs in the second half of this year, according to analysts, Sunday, amid speculation that consumer prices in June grew at the fastest pace since the 1997-98 Asian financial crisis. The government is scheduled to announce the June inflation rate on Tuesday, which officials forecast to be above 6 ...

2022-07-03 16:58

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