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Finance

Economy

Fri, September 30, 2022 | 03:03

BOK to sell 9.9 tln won worth of monetary stabilization bonds next month

Korea's central bank said Thursday it will issue a larger amount of monetary stabilization bonds (MSBs) in October from a month earlier to better manage market liquidity.The Bank of Korea (BOK) said it plans to sell 9.9 trillion won (US$6.89 billion) worth of MSBs next month, compared with 8.8 trillion won worth of bonds scheduled to be sold this month.The MSB is a policy too...

2022-09-29 21:04

Currency swap with US urged as last resort against worst-case scenario

Korea should immediately sign a currency swap agreement with the United States, experts said Thursday. They said the Bank of Korea (BOK) needs to make a preemptive move amid escalating economic and financial uncertainties here and abroad represented by the soaring won-dollar exchange rate.

2022-09-29 16:54

Korea's default risk rises to peak level during pandemic outbreak

Korea's credit default swap (CDS) premium, a representative indicator that shows the country's risk of bankruptcy, has not only reached the highest point for this year, but it has also reached its highest level during the pandemic outbreak.

Anna J. Park | 2022-09-29 16:13

Currency swap with US urged as last resort against worst-case scenario

Korea's 100 richest in housing own 21,000 homes

The country's richest 100 people in terms of housing ownership possess nearly 21,000 homes. The total official value of these homes exceeds 2.5 trillion won ($1.74 billion). According to Statistics Korea data submitted to Rep. Kim Hoi-jae of the main opposition Democratic Party of Korea, the 100 most prolific homeowners in the country owned 20,689 units of housing as of 2020....

2022-09-29 15:36

Tax revenue up 41 tln won through August

Korea's tax revenue increased 41 trillion won ($28.8 billion) in the first eight months of this year compared with a year earlier as the collection of corporate and income taxes rose, the finance ministry said Thursday.

2022-09-29 14:01

Trade terms hit record low in August

Korea's terms of trade fell to the lowest point in August, marked by a fall in prices of semiconductors and petrochemicals, central bank data showed Thursday.

2022-09-29 13:40

Fitch keeps Korea's credit rating unchanged at 'AA-,' outlook stable

Global credit appraiser Fitch Ratings said Wednesday it has reaffirmed Korea's sovereign rating at "AA-" with a stable outlook.

2022-09-28 16:27

[Contribution] Tax agency bolstering social welfare through Real Time Information

Since the National Tax Service (NTS) was established in 1966, its main role was to collect taxes to finance the nation's revenue demands. In 2009, the NTS began distributing Earned Income Tax Credits as part of the government's effort to redistribute wealth and encourage work. Over the years, its role has grown in relation to assisting the government's welfare programs.

2022-09-28 14:32

Retail sales up 15.4% in August amid eased virus curbs

Retail sales in Korea marked the largest on-year growth so far this year in August on the back of the increase in people's outdoor activities amid eased antivirus curbs and preparations for the Chuseok holiday, data showed Wednesday.

2022-09-28 11:28

Former vice finance minister criticizes Koreans for buying dollars

A former vice finance minister criticized Korean citizens and investors who hoard U.S. dollars as they speculatively bet on the U.S. currency.

Anna J. Park | 2022-09-28 07:22

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