Seoul, July 26 (Yonhap) The Korean won’s real effective exchange rate fell to its lowest level in more than 17 years in June as the US dollar remained broadly strong, data showed on Sunday.According to the Bank for International Settlements (BIS), the won’s real effective exchange rate (REER) stood at 82.99 in June, down 1.75 points from the previous month.The June reading was the lowest since March 2009, when the REER stood at 79.31 in the aftermath of the global financial crisis, reports Yonha…
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Seoul, April 20 (IANS) Outgoing Bank of Korea (BOK) Governor Rhee Chang-yong said on Monday that achieving economic stability and growth through monetary and fiscal policy alone has become increasingly difficult, calling for a broader role for the central bank in addressing long-term structural challenges.Rhee made the remarks during his farewell ceremony in Seoul, as he completed his four-year term. His successor, Governor-designate Shin Hyun-song, is set to begin his term Tuesday as his nomina…
New Delhi, Feb 11 (IANS) Pakistan’s plan to embrace a dollar‑linked stablecoin through a partnership with US crypto firm World Liberty Financial could accelerate the country’s dollarisation and undermine its macroeconomic stability, a new report has said.The report in the Daily Mirror said that a dollar-pegged stablecoin embeds a preference for the dollar as store of value and medium of exchange encouraging households to hold it as a state-tolerated alternative and move away from Pakistani r…