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Reporter : Yi Whan-woo
Tue, January 31, 2023 | 22:55
Steep rate hike feared to deal further blow to borrowers
A sharper-than-expected rate hike in Korea is feared to deal a further blow to borrowers who have already been struggling with a snowballing amount of repayments. The Bank of Korea (BOK) carried out a second big-step rate hike, raising the benchmark interest rate by 50 basis points, Wednesday, sending the rate back to 3 percent for the first time since October 2012.
Choo holds multiple meetings with world finance leaders
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is holding a string of bilateral and multilateral meetings during his visit to the United States. The purpose of the trip is to attend a gathering of finance ministers from G20 countries as well as the 2022 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington, D....
BOK delivers 2nd 'big step' rate hike to curb inflation, capital flight
The Bank of Korea (BOK) took another “big step” rate hike of half a percentage point Wednesday in a bid to fight inflation and prevent a possible capital flight amid the sharp depreciation of the Korean currency against the U.S. dollar. It was the second outsized rate increase following one in July, and the fifth consecutive monetary tightening since April. Wednesday's decisi...
IMF raises Korea's 2022 inflation outlook to 5.5%
The International Monetary Fund (IMF) raised its 2022 inflation outlook for Korea to 5.5 percent, Tuesday, up from 4 percent in its previous forecast made in April, citing growing downside risks for the global economy. In its updated world economic outlook for this year, the IMF said downside risks are deepened by soaring prices, higher exchange rates per dollar and other neg...
International financial institutions to recruit in Korea next month
A total of 11 international financial institutions, including the International Monetary Fund (IMF), the World Bank, the Organisation for Economic Co-operation and Development (OECD) and the Asian Development Bank (ADB), will participate in a career fair in Korea next month. Hosted by the Ministry of Economy and Finance, the program will take place at ChungAng University in D...
Finance minister to promote Korea's potential as investment destination in US trip
Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is anticipated to promote Korea's potential as a lucrative destination for overseas investors in his visit to the United States this week, according to financial sources, Monday. Choo left for the U.S., Monday, to attend gatherings involving finance ministers from G20 countries, as well as chiefs of the W...
Banking CEOs to make rare appearance at Assembly audit over irregularities
The CEOs of five major commercial banks will be summoned to the National Assembly for an audit, Tuesday, in the wake of fraud, embezzlement and other serious irregularities involving lenders. The five CEOs - Lee Jae-keun of KB Kookmin Bank, Jin Ok-dong of Shinhan Bank, Park Sung-ho of Hana Bank, Lee Won-duk of Woori Bank and Kwon Jun-hak of NH Nonghyup Bank - will appear as w...
KB-controlled Indonesian bank rises in Jakarta financial watchdog's rating
An Indonesian bank controlled by KB Kookmin Bank has received virtually the highest rating from Indonesia's financial watchdog, the Korean lender said Sunday. KB Bukopin moved up its risk-based bank rating (RBBR) to Level 2 from Level 3 on a five-point grading scale from Otoritas Jasa Keuangan (OJT), an Indonesian government agency that regulates and supervises the financial ...
BOK expected to deliver second 'big step' rate hike this week
The Bank of Korea (BOK) is expected to conduct another “big step” hike of half a percentage point in its rate-setting meeting scheduled on Wednesday, in a bid to fight inflation and prevent a possible capital flight, according to analysts, Sunday. The Korean won's sharp depreciation against the U.S. dollar as well as widening trade deficit are also pressuring the BOK to consi...
Korea's foreign exchange reserves suffer biggest drop since 2008 crisis
Korea's foreign exchange reserves fell at the fastest pace since the 2008-09 global financial crisis, adding to concerns of another possible economic emergency in the midst of other worsening economic indicators. According to the Bank of Korea (BOK), Thursday, the foreign exchange reserves shrank to $416.77 billion in September from $436.43 billion in August. The $21.8 billio...
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