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Foreign currency deposits down for 1st time in 5 months in South Korea Foreign currency deposits fell for the first time in five months in October on sagging corporate demand for U.S. dollar-denominated deposits and increasing import settlements amid a weak Korean currency, central bank data showed on Sunday.  Residents' outstanding foreign currency-denominated deposits reached $98.97 billion as of end-October, down $5.1 billion from a month earlier, according to the data from the Bank of Korea (BOK). The figure had climbed from June through Septe...
Foreign currency deposits down for 1st time in 5 months in South Korea
Foreign currency deposits down for 1st time in 5 months in South Korea
Source: IANS
2024-11-17 10:38:32 am
South Korea`s foreign reserves fall to $415.6 billion in Oct South Korea's foreign reserves fell in October, snapping three consecutive months of rise due to the decreased value of non-US dollar assets amid a strong US dollar and decreased deposits, central bank data showed on Tuesday.  The country's foreign reserves came to $415.69 billion as of end-October, down $4.28 billion from a month earlier, according to the data from the Bank of Korea (BOK). The central bank attributed the fall to a decline in the converted value of non-doll...
South Korea`s foreign reserves fall to $415.6 billion in Oct
South Korea`s foreign reserves fall to $415.6 billion in Oct
Source: IANS
2024-11-05 09:45:38 am
South Korea uncertain whether rebound in neutral interest rate will continue  The neutral interest rate in South Korea is estimated at between -0.2 per cent and 1.3 percent in the first quarter of the year, a report from the Bank of Korea (BOK) said on Sunday.  The report said the country's neutral interest rate has been on the decline since 2000 but rebounded slightly after the coronavirus pandemic. More specifically, the neutral interest rate in Asia's fourth-largest economy was estimated at between 1.4 per cent and 3.1 per cent in the first ...
South Korea uncertain whether rebound in neutral interest rate will continue
South Korea uncertain whether rebound in neutral interest rate will continue
Source: IANS
2024-11-03 10:24:50 am
Industrial output in S. Korea fell in September over weak chip production South Korea's industrial output fell from a month earlier in September on dwindling production in the semiconductor and other manufacturing sectors, data showed on Thursday.  According to the data compiled by Statistics Korea, retail sales, a gauge of private spending, also went down amid signs of weaker economic growth, while facility investment rebounded on-month, Yonhap news agency said. Industrial production fell 0.3 per cent on-month, following a 1.3 per cent increase in A...
Industrial output in S. Korea fell in September over weak chip production
Industrial output in S. Korea fell in September over weak chip production
Source: IANS
2024-10-31 10:48:34 am
Exchange rates re-emerge as major factor in rate decision: Bank of Korea Guv Bank of Korea (BOK) Governor Rhee Chang-yong said exchange rates have emerged as a major factor again in deciding on policy rates, according to the central bank on Sunday.  The central bank governor made the remarks in a press conference on the sidelines of meetings of Group of 20 finance ministers and central bank chiefs, and the International Monetary Fund-World Bank Group in Washington, DC. "The exchange rates have risen far above what we hoped for, and the pace of (the dol...
Exchange rates re-emerge as major factor in rate decision: Bank of Korea Guv
Exchange rates re-emerge as major factor in rate decision: Bank of Korea Guv
Source: IANS
2024-10-28 09:47:04 am
South Korea`s economy grows weaker than expected at 0.1 pc in Q3  South Korea's economy grew at a slower-than-expected rate in the third quarter of the year amid softening export growth, central bank data showed on Thursday, upping the possibility that the Bank of Korea may conduct another rate cut earlier than expected after its first rate reduction in over three years this month.  The country's real gross domestic product -- a key measure of economic growth -- gained 0.1 percent on-quarter in the July-September period, according to p...
South Korea`s economy grows weaker than expected at 0.1 pc in Q3
South Korea`s economy grows weaker than expected at 0.1 pc in Q3
Source: IANS
2024-10-24 09:32:26 am
South Korea cuts key rate in over 3 years amid moderating inflation South Korea's central bank on Friday cut its key benchmark interest rate, its first pivot in its years-long monetary tightening mode, as inflation continued to moderate and the property market showed signs of cooling.  As widely expected, the Bank of Korea slashed its key rate by 25 basis points to 3.25 per cent, the first reduction since August 2021, when Asia's fourth-largest economy began to emerge from the coronavirus pandemic-caused slump. Many experts had noted that t...
South Korea cuts key rate in over 3 years amid moderating inflation
South Korea cuts key rate in over 3 years amid moderating inflation
Source: IANS
2024-10-11 10:02:31 am
South Korea aims to prevent illegal trading via stock short selling The government will publish detailed guidelines on stock short selling this week to help prevent people unintentionally engaging in illegal trading, the financial regulator said on Wednesday.  The guidelines will be made public on Thursday, while an English-version of the how-to instructions will be available from next month, according to the Financial Supervisory Service (FSS). "There has been a need to remove uncertainties over how the financial authorities interpret and app...
South Korea aims to prevent illegal trading via stock short selling
South Korea aims to prevent illegal trading via stock short selling
Source: IANS
2024-09-25 10:09:09 am
Bank of Korea likely to cut key rate in November South Korea's central bank is likely to cut its policy rate in November, rather than in October, as it wants to be confident of a slowdown in household debt increase amid moderating inflation, analysts have said.  The Bank of Korea (BOK) has only two rounds of its monetary decision meetings left this year in October and November. Last month, the BOK kept interest rates unchanged at 3.5 percent, the highest level in about 16 years, for the 13th straight time. The central bank de...
Bank of Korea likely to cut key rate in November
Bank of Korea likely to cut key rate in November
Source: IANS
2024-09-14 12:29:51 pm
South Korea, Turkey renew currency swap deal for 3 years The central banks of South Korea and Turkey agreed to renew their bilateral currency swap deal for three more years, the Bank of Korea (BOK) said on Monday.  The BOK and the Central Bank of the Republic of Turkey announced the renewal of the bilateral swap arrangement, which allows for the exchange of local currencies between the two central banks of up to some $2 billion, reports Xinhua news agency. The renewed accord will be effective for three years starting Monday and could be ...
South Korea, Turkey renew currency swap deal for 3 years
South Korea, Turkey renew currency swap deal for 3 years
Source: IANS
2024-08-12 02:18:53 pm
Hyundai, Kia likely to post operating profit of $5.7 billion in Q2 Hyundai Motor and its affiliate Kia are set to post an operating profit exceeding 8 trillion won ($5.7 billion) in the second quarter on improved product mix and production adjustments, a survey showed on Sunday.  Hyundai and Kia are estimated to report an operating profit of 4.28 trillion won and 3.76 trillion won, respectively, in the three months ended in June, according to a Yonhap Infomax survey of local brokerages. Hyundai and Kia's second-quarter operating income likely ...
Hyundai, Kia likely to post operating profit of $5.7 billion in Q2
Hyundai, Kia likely to post operating profit of $5.7 billion in Q2
Source: IANS
2024-07-21 10:34:20 am
US to outstrip China as top export destination for S Korea for 1st time in 22 years South Korea's exports to the United States exceeded those to China so far this year, data showed on Monday, raising the possibility that the US could be the top export destination for South Korea for the first time in 22 years.  Outbound shipments to the US amounted to $53.3 billion from January through May 2024, compared with South Korea's export value to China of $52.69 billion, according to data from Statistics Korea and the Ministry of Trade, Industry and Energy. If the...
US to outstrip China as top export destination for S Korea for 1st time in 22 years
US to outstrip China as top export destination for S Korea for 1st time in 22 years
Source: IANS
2024-06-10 10:25:26 am
Chipmaking sector likely to enjoy longer-than-expected boom The chipmaking sector's upside cycle may last into the first half of next year and possibly beyond that time, giving a boost to the country's exports, a report from the Bank of Korea said on Friday.  The global chipmaking sector rebounded early last year on the back of a boom in artificial intelligence, and its rising cycle may last longer than expected, the report said. Demand for semiconductors may continue to increase from the server, mobile and personal computer sectors...
Chipmaking sector likely to enjoy longer-than-expected boom
Chipmaking sector likely to enjoy longer-than-expected boom
Source: IANS
2024-05-24 03:07:16 pm