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Reporter : Yi Whan-woo
Sat, December 3, 2022 | 14:33
Won-dollar rate feared to rise to 1,500 level by year-end
The Korean currency may sink as low as 1,500 won per dollar by the end of 2022, after it breached key psychological barriers repeatedly this year and plummeted below the 13-year low of 1,400 won, Thursday, according to analysts, Sunday.
Forecast of inflation peaking in October called into question
High inflation in Korea is supposed to finally start to peak in October as addressed by the finance minister and central bank governor. But such an outlook for an inflation peak is seriously threatened, due mainly to soaring import prices driven by the persistently strong dollar, a possible surge in global oil prices and planned utility bill hikes. To make thing worse, the pr...
Foreign exchange authorities tighten monitoring on currency market
Foreign exchange authorities are tightening monitoring on the currency market, as the won-dollar exchange rate keeps breaching thresholds and is approaching 1,400 won, another psychologically significant level. On Monday, the Korean currency closed at 1,393.6 won against dollar, weakening 5.6 won from Friday's close in its months-long losing streak.
OECD raises Korea's growth forecast to 2.8%, inflation outlook to 5.2%
The Organization for Economic Cooperation and Development (OECD) raised its economic growth outlook for Korea to 2.8 percent, Monday, from 2.7 percent in its previous forecast in early June, citing the country's effective handling of the COVID-19 pandemic and a recovery in consumer spending. Asia's fourth-largest economy grew 0.7 percent in the second quarter. Still, the Pari...
Is Korea headed for another financial crisis?
A string of economic indicators in Korea this year have worsened to levels comparable to the 1997-98 Asian financial crisis and the 2008-09 global financial crisis, raising questions on whether the country is on course for another crisis after overcoming painful shocks from the two preceding ones. For instance, there was a striking sense of deja vu when some of this year's fi...
KB Financial Group harvests honey after months-long bee-saving campaign
KB Financial Group has harvested honey from a special apiary it runs as a part of its environmental, social and corporate governance (ESG) practices, the company said Friday. The harvest marks the first since the country's largest banking group launched a campaign in May to save bees, which are vital pollinators for food crops yet have been dwindling in numbers due to air pol...
BOK under growing pressure to take another 'big step' hike over US inflation
Higher-than-expected inflation in the United States is putting pressure on the Bank of Korea (BOK) to take another “big step” by raising the key interest rate by a half percentage point in the next meeting of its monetary policy board scheduled for Oct. 12. The BOK took an unprecedented “big step” in June but is still applying incremental rate increases, as addressed by its g...
Household debt soars along with number of borrowers at risk of default
Household debt in Korea surged to a record 1,869.4 trillion won ($1.33 trillion) in the second quarter, while the number of borrowers who are at risk of default is also rising sharply due to accelerated hikes in the benchmark interest rate in recent months. According to the Bank of Korea's (BOK) preliminary data, total household debt, including the amount of credit for the pu...
Hyundai Card CEO concerned about departure of top executives
Chung Tae-young, vice chairman and CEO of Hyundai Card and Hyundai Commercial, has expressed concerns over the recent departures of the second-in-command executives of each of the two companies. “I feel uneasy for some reason if everything seems safe and sound these days,” he wrote on Facebook early this week, after Hyundai Card Co-CEO Kim Duk-hwan stepped down on Sept. 9.
Crypto assets worth nearly $2.8 billion used for foreign exchange crimes: customs data
Crypto assets worth nearly 3.9 trillion won ($2.87 billion) have been used for foreign exchange crimes over the past five years, Korea Customs Service data showed Wednesday. The data was cited by Rep. Kang Byung-won of the main opposition Democratic Party of Korea (DPK).
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