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…
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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…
Seoul, March 12 (IANS) Foreign investment in the South Korean stock market recorded its largest ever monthly net outflow in February amid growing caution over a potential artificial intelligence (AI) bubble and profit-taking, central bank data showed on Thursday.Offshore investors sold a net $13.5 billion worth of local equities last month, following $500 million worth of net selling in January, according to the data from the Bank of Korea (BOK), reports Yonhap news agency.The February figure ma…
Seoul, March 10 (IANS) The South Korean economy expanded 1 per cent in 2025 amid strong exports but posted negative growth in the fourth quarter, central bank data showed on Tuesday.The country’s real gross domestic product (GDP) — a key measure of economic growth — contracted 0.2 per cent from the previous quarter in the October-December period, compared with its earlier estimate of a 0.3 per cent contraction, according to the preliminary data from the Bank of Korea (BOK).It marked the countr…
Seoul, March 10 (IANS) South Korea’s per capita income edged up 0.3 per cent in 2025 to remain in the $36,000 range, as the depreciation of the Korean won against the US dollar offset actual solid income growth, central bank data showed on Tuesday.Nominal per capita gross national income (GNI) stood at $36,855 last year, marking a 0.3 percent increase from a year earlier, according to the preliminary data from the Bank of Korea (BOK).In terms of the won, the GNI climbed 4.6 percent from a year e…
Seoul, March 8 (IANS) The daily volatility of the Korean won against the US dollar has risen to its highest level since the Covid-19 pandemic amid heightened tensions in the Middle East, data showed on Sunday.The won has fluctuated sharply following the US-Israeli joint attacks on Iran on February 28, with the average daily fluctuation of the won against the greenback reaching 13.2 won as of Friday, according to the economic statistics system of the Bank of Korea, reports Yonhap news agency.The …
Seoul, March 6 (IANS) South Korea recorded its fifth-largest monthly current account surplus in January, driven by a semiconductor upcycle and strong exports, central bank data showed on Friday.The current account surplus totalled US$13.26 billion in January, down from $18.7 billion in December, according to the Bank of Korea (BOK).Compared with the same month a year earlier, however, the figure surged 397.4 percent, marking the fifth-largest monthly surplus on record, reports Yonhap news agency…
Seoul, Feb 27 (IANS) Foreign currency deposits in South Korea fell for the first time in three months in January, due to a decline in corporate deposits, central bank data showed on Friday.Outstanding foreign currency-denominated deposits held by residents stood at US$118.03 billion at the end of January, down $1.4 billion from a month earlier, according to the data from the Bank of Korea (BOK), reports Yonhap news agency.It marked the first on-month decline since October, following gains in Nov…