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Reporter : Yi Whan-woo
Fri, December 8, 2023 | 04:56
Lenders cautious about deposit rate hikes following BOK's rate policy
Commercial banks are cautious about increasing their deposit rates following a 25-basis-point rate hike delivered by the Bank of Korea (BOK), Thursday, as the high deposit rates that they have offered are being blamed for the liquidity shortage in the bond and short-term money markets.
Hana Bank starts selling World Cup commemorative coins
Hana Bank, the official sponsor of the Korean men's national football team, began selling commemorative coins for the 2022 World Cup in Qatar, Friday. The lender said the sale will run through Dec. 2 on its mobile app, Hana 1Q.
Bank of Korea lowers 2023 growth outlook to 1.7%
The Bank of Korea (BOK) slashed its 2023 growth outlook for Korea to 1.7 percent, Thursday, from its previous projection of 2.1 percent, citing anticipated slowdowns in exports and the pace of recovery in private spending. The 2023 forecast is alarming for Asia's fourth-largest economy as its growth potential had been estimated to be in the 2 percent range for the past few ye...
Woori chairman urges group-wide efforts to bolster digital services
Woori Financial Group Chairman and CEO Son Tae-seung has urged the chiefs of the group's affiliates to “bring together all capabilities available” to materialize the group-wide vision of becoming a global leader in digital banking service, the company announced on Thursday. The banking group said Son urged them to do so during a committee of the group's digital innovation rec...
Household debt reaches new heights on surge in loans from non-banking financial firms
People are borrowing more money from private lenders and non-banking financial firms, which in turn has led the total amount of household debt in Korea to surge to a record 1,870.6 trillion won ($1.38 trillion) in the third quarter, according to the Bank of Korea (BOK). According to the BOK's preliminary data, Tuesday, outstanding household debt, including the amount of credi...
OECD slashes Korea's growth forecast to 1.8% for 2023
The Organization for Economic Cooperation and Development (OECD) lowered its growth forecast for Korea next year to 1.8 percent, Wednesday, down from its previous outlooks of 2.2 percent in September and 2.5 percent in June. The 2023 outlook for Asia's fourth-largest economy contrasts with a global economic growth forecast of 2.2 percent. The Paris-headquartered OECD assessed...
Financial authorities pressure banks over deposit interest rates amid liquidity shortage
Commercial banks are under pressure to lower deposit interest rates to prevent excess cash inflow due to steep rate hikes delivered by the Bank of Korea (BOK), which in turn, squeeze non-banking financial firms with liquidity shortages. The situation faced by the lenders is in stark contrast to what they have faced in past months when they were pressed to raise deposit rates ...
Refinancing burden spreads to more non-bank financial firms
Insurers and capital funding companies that are specialized in asset-based leasing and car loans are struggling with liquidity shortages, as steep hikes in the key interest rate put the pressure for refinancing on non-bank financial firms. The banks have been offering high deposit interest rates in past months, prompting investors to pull their money out from the debt and sho...
1.2 mil. homeowners to be subject to 'pricey home' tax
A record 1.2 million homeowners this year will be asked to pay a tax which is disputed as a punitive measure against those owning a single “pricey home” or multiple homes, according to the government. It is the first time more than 1 million homeowners will be subject to the so-called comprehensive real estate tax which was introduced in 2005.
BOK expected to hike key rate by quarter percentage point at Thursday's meeting
The Bank of Korea (BOK) is anticipated to go for a 25 basis point increase at this year's final rate-setting meeting to strike a balance between inflation and the adverse effects of its accelerated credit tightening in 2022, according to analysts, Sunday. Scheduled on Thursday, the meeting will come as the currency and stock markets here took a beating in general throughout t...