Seoul, April 15 (IANS) The Korean won has remained relatively weak in recent months, but the country has sufficient dollar liquidity to respond to external shocks, Shin Hyun-song, nominee for the head of South Korea’s central bank, said on Wednesday.Shin made the remarks during a confirmation hearing at the National Assembly in Seoul, as he has been tapped to replace outgoing Bank of Korea (BOK) Gov. Rhee Chang-yong, reports Yonhap news agency.”It is not appropriate to comment on the specific le…
Latest Bank of Korea News & Updates
Seoul, April 15 (IANS) South Korea’s money supply rose for the fourth consecutive month in February, as increases in savings deposits offset a decline in certificates of deposit (CDs), central bank data showed on Wednesday.The country’s M2, a key gauge of the money supply, stood at an average of 4,114 trillion won ($2.79 trillion) in February, up 600 billion won from a month earlier, according to the preliminary data from the Bank of Korea (BOK), reports Yonhap News Agency.The figure rebounded i…
Seoul, April 11 (IANS) Cash assistance for the bottom 70 per cent of income earners in South Korea will begin being rolled out later this month, the government announced Saturday, as part of efforts to ease the financial strain caused by rising oil prices.The aid will first reach the most vulnerable within that income bracket starting April 27 and expand to the broader eligible group May 18.Approximately 32.5 million people are eligible for the aid, with payments ranging from 100,000 won ($67.30…
Seoul, April 10 (IANS) South Korea’s central bank kept its benchmark rate unchanged on Friday, as uncertainty in the Middle East prompted a cautious stance amid risks of inflation, currency weakness and slower growth.In a widely anticipated decision, the Monetary Policy Board of the Bank of Korea (BOK) held the key rate steady at 2.5 percent in its latest rate-setting meeting in Seoul, reports Yonhap news agency.It marked the seventh consecutive on-hold decision, even as the central bank remains…
Seoul, April 8 (IANS) South Korea recorded its largest-ever monthly current account surplus in February, driven by a semiconductor upcycle and strong exports, central bank data showed on Wednesday.The current account surplus totalled $23.19 billion in February, up sharply from $13.26 billion in January, according to the data from the Bank of Korea (BOK), reports Yonhap news agency.It marked the highest monthly surplus ever, surpassing the previous record of $18.7 billion set in December 2025.Sou…
Seoul, April 3 (IANS) South Korea’s foreign reserves posted their sharpest monthly decline in about a year in March amid a stronger dollar and authorities’ efforts to manage exchange rate volatility, the central bank said on Friday.The country’s foreign reserves stood at US$423.66 billion as of end-March, down $3.97 billion from a month earlier, according to the data from the Bank of Korea (BOK).It was the sharpest decline since April 2025, when the amount fell by $4.99 billion on-month, reports…
Seoul, March 31 (IANS) The South Korean currency fell sharply to a 17-year low against the US dollar on Tuesday as the escalating Middle East conflict fuelled fears of further disruptions to global oil supplies and broader economic impacts.The won was quoted at 1,530.1 won per dollar, down 14.4 won from the previous session, extending its losing streak to a fifth consecutive session, reports Yonhap news agency.Tuesday’s level marked the lowest since March 9, 2009, on a closing basis, when the wo…
Seoul, March 26 (IANS) Market interest rates could face significant upward pressure if the conflict in the Middle East persists amid rising inflationary pressures and growing concerns about global monetary tightening, the central bank said on Thursday.The Bank of Korea (BOK) issued the warning in its latest financial stability report, as U.S.-Israeli strikes on Iran that began late last month have escalated into a broader regional conflict, reports Yonhap news agency.”If tensions in the Middle E…
Seoul, March 23 (IANS) Foreign currency deposits in South Korea fell for the second straight month in February, due to a decline in both individual and corporate deposits, central bank data showed on Monday.Outstanding foreign currency-denominated deposits held by residents stood at US$117.53 billion at the end of February, down $490 million from a month earlier, according to the data from the Bank of Korea (BOK), reports Yonhap news agency.In January, foreign currency deposits fell for the firs…
Seoul, March 19 (IANS) Uncertainty over the path of US monetary policy has deepened amid heightened tensions in the Middle East, a senior official at South Korea’s central bank said on Thursday.On Wednesday (U.S. time), the Federal Reserve kept its benchmark interest rate unchanged at the 3.5-3.75 percent range for the second consecutive time while maintaining its projection of one rate cut this year.At a press conference following the decision, Fed Chair Jerome Powell said the surge in oil pric…