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The Korea Times

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Economy

Thu, March 23, 2023 | 11:08

Government revises foreign exchange transaction rules created decades ago

Government revises foreign exchange transaction rules created decades ago

Korea's financial authorities decided Friday to deregulate a package of foreign exchange rules set up shortly after the 1997 Asian financial crisis, with a focus on easing transaction inconveniences that members of the public and companies have been complaining about, the Ministry of Economy and Finance said. Under the decision, a Korean citizen can remit up to $100,000 a yea...

Lee Min-hyung | 2023-02-10 16:50

Taming inflation still in focus for Korea: finance minister

Taming inflation still in focus for Korea: finance minister

Korea's top economic policymaker said Friday taming inflation is still a priority for Korea, although the pace of inflation is expected to gradually slow this year.

2023-02-10 14:07

Korea's total revenue up $39.3 bil. in 2022

Korea's total revenue up $39.3 bil. in 2022

Korea's total revenue, including tax gains, advanced 49.8 trillion won ($39.3 billion) in 2022 from a year earlier, the government data showed Friday, on the back of improved corporate earnings and higher incomes.

2023-02-10 10:15

KDI maintains 2023 growth outlook at 1.8%; U.S. rate hikes still present risk

KDI maintains 2023 growth outlook at 1.8%; U.S. rate hikes still present risk

The Korea Development Institute (KDI) on Thursday maintained Korea's growth outlook for this year at 1.8 percent, but said it will depend on the scope of U.S. rate hikes and China's economic growth.

2023-02-09 14:32

Korea's solar power industry exports up 38% in 2022

Korea's solar power industry exports up 38% in 2022

Korea's exports of solar panels and other related parts jumped 38 percent on-year in 2022 on the back of major nations' push to expand renewable energy development, the industry ministry said Thursday.

2023-02-09 13:29

Pension reform in stalemate due to gov't-parliament discrepancy

Pension reform in stalemate due to gov't-parliament discrepancy

The government and the National Assembly are at odds over what measures should be prioritized in the overhaul of the state-managed retirement pension system to prevent pension funds from being depleted in the decades to come. Operated by the National Pension Service (NPS), the pension is receivable by the majority of retirees who paid premiums to the service during their work...

Yi Whan-woo | 2023-02-09 13:27

Manufacturers' domestic supply extends gains to 8th quarter in Q4

Manufacturers' domestic supply extends gains to 8th quarter in Q4

Korean manufacturers' domestic supply rose for the eight straight quarter in the October-December period on the back of imports of cars and electronics, data showed Wednesday.

2023-02-08 14:48

Korea's current account turns to black in Dec. but sharply smaller than prior year

Korea's current account turns to black in Dec. but sharply smaller than prior year

Korea's current account swung back to the black in December from the previous month, but the amount was quite smaller than a year before as exports dwindled amid growing global recession woes, central bank data showed Wednesday.

2023-02-08 10:14

[INTERVIEW] 'Growth slowdown can accelerate depletion of retirement pension fund'

INTERVIEW'Growth slowdown can accelerate depletion of retirement pension fund'

A slowdown in economic growth is feared to result in a drop in personal incomes, and accordingly, can accelerate the depletion of state-run retirement pensions in the face of low birth rates and an aging population, a pension expert warned. During a recent interview with The Korea Times, Seoul National University economics professor Hong Sok-chul said the serious nature of a ...

Yi Whan-woo | 2023-02-08 08:43

Korea to allow currency trading by offshore firms, extend market hours

Korea to allow currency trading by offshore firms, extend market hours

Korea plans to allow offshore financial companies to directly trade Korean won and foreign currencies here in a bid to attract international investments and expand the foreign exchange market, financial authorities announced on Tuesday. To cover the trading hours of the U.S. and European markets, Korea, Asia's fourth-largest economy, also plans to run foreign exchange trading...

Yi Whan-woo | 2023-02-07 16:54

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1	Korean firms balk at donating to fund compensating victims of Japan's forced labor

2	Sexual assaults by Korean diplomats continue despite zero-tolerance policy

3	Consumers choose to travel abroad over purchasing luxury goods

4	Main opposition leader indicted, faces calls to resign

5	World water day

6	Outback Steakhouse sees sales soar as it opens stores in large shopping malls

7	Samsung, SK avoid worst-case scenario as US 'guardrails' are less stringent than feared

8	Korean pension fund hit by overseas banking crisis

9	INTERVIEWRetired FSC chief finds inspiration exploring Koreans' ancestral roots

10	Campaign launched to promote equal treatment for multicultural families

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