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The Korea Times

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Economy

Sun, January 29, 2023 | 17:10

FSC to scrap foreign investor registration system

FSC to scrap foreign investor registration system

The requirement for foreign investors to register their identities before making investments in Korea will be lifted, as the financial authorities aim to innovate the country's regulations to better conform to global standards. This development is according to the Financial Services Commission (FSC), the country's top financial regulator, on Thursday, as it held its ninth der...

Anna J. Park | 2023-01-19 16:36

Local think tank lowers 2023 growth projection for Korea to 1.8%

Local think tank lowers 2023 growth projection for Korea to 1.8%

A local think tank on Thursday projected Korea's economy will grow 1.8 percent this year, downgrading its earlier forecast as global recession worries mount and domestic demand is expected to dwindle amid high inflation and interest rates.

2023-01-19 11:56

BOK to pay 'additional attention' to trade-offs on growth, financial stability in executing monetary policy

BOK to pay 'additional attention' to trade-offs on growth, financial stability in executing monetary policy

Korea's central bank will pay "additional attention" to implications that previous steep rate increases could have on economic growth and financial stability in carrying out its monetary policy going forward, its chief said Wednesday.

2023-01-18 16:47

FSS to protect borrowers

FSS to protect borrowers

Financial Supervisory Service (FSS) Governor Lee Bok-hyun, front row fifth from right, poses with CEOs of 17 commercial banks at the Korea Federation of Banks in central Seoul, Wednesday. Lee asked the CEOs to take preemptive measures to cope with the erosion of household wealth due to high interest rates and soaring household debts. He specifically addressed borrowers' deman...

Yi Whan-woo | 2023-01-18 16:42

Korean economy to contract 0.6% in 2023: Nomura

Korean economy to contract 0.6% in 2023: Nomura

The Korean economy is forecast to shrink 0.6 percent this year, as a downturn in home prices and the deleveraging of household debt are feared to further weaken private spending, a senior economist at Nomura said Wednesday. The growth outlook for Korea by Robert Subbaraman, Nomura's chief Asia economist and head of global market research, is even gloomier than consensus estim...

Yi Whan-woo | 2023-01-18 16:42

Time for foreign workers to file year-end taxes

Time for foreign workers to file year-end taxes

Wage-earning foreign workers should settle year-end taxes just like Korean workers, the tax agency said Wednesday. The agency is providing various materials to support them in filing their taxes, including a short video guide with English, Chinese and Vietnamese subtitles.

Yoon Ja-young2023-01-18 13:47

Growth of bank notes in circulation lowest in 18 years

Growth of bank notes in circulation lowest in 18 years

People who can afford to save money prefer to park their cash in bank deposit accounts these days rather than stashing them at home, in order to take advantage of a sharp increase in the key interest rate, according to Bank of Korea (BOK) data released on Tuesday. The data showed the aggregate value of bank notes in circulation, excluding those that were deposited in banks an...

Yi Whan-woo | 2023-01-17 16:26

Gov't expected to ease rules on dollar remittance

Gov't expected to ease rules on dollar remittance

The Korean government is mulling over whether to lift its long-held restrictions on foreign currency remittance as early as the second half of next year. The move comes as the government aims to enact a new legal framework regarding foreign exchange transactions better suited to global trends and standards.

Anna J. Park | 2023-01-16 16:42

Prices outpace incomes in Korea

Prices outpace incomes in Korea

Consumer prices in Korea have grown at a faster pace than the minimum wage for nearly the past two years, prompting the real value of the minimum wage to fall, data showed on Monday. Compiled by the Organisation for Economic Cooperation and Development (OECD) and Statistics Korea, the data showed that the minimum wage in September 2022 was measured at 106.6, as compared to th...

Yi Whan-woo | 2023-01-16 15:51

FSS cooperates with savings banks to improve internal control

FSS cooperates with savings banks to improve internal control

Regulatory authorities have come up with measures to prevent financial accidents and improve internal controls at savings banks, particularly in the areas of project financing (PF) loans, private business loans and capital management. The Financial Supervisory Service (FSS) announced the measures on Sunday, explaining that it recently formed a task force with the Korea Federa...

Anna J. Park | 2023-01-15 16:24

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