Seoul, July 14 (IANS) South Korea detected 2.4 trillion won ($1.61 billion) worth of illegal foreign exchange transactions through May as the country stepped up surveillance against related crimes amid the volatility in the currency market, the finance ministry said on Tuesday.The Ministry of Finance and Economy announced the findings during a meeting with foreign exchange-related agencies amid growing concerns over illegal transactions following the Korean won’s recent slide against the U.S. do…
Latest Ministry of Finance and Economy News & Updates
Seoul, July 9 (IANS) Seoul shares trimmed earlier gains late Thursday morning on retail selling, though institutions and foreigners bought bargain-priced chip stocks following the recent massive sell-off.After opening 3.3 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) erased its earlier gains and moved up 150.61 points, or 2.08 percent from the day before, to 7,397.40 as of 11:20 am, reports Yonhap news agency.Despite the gains, investors remain concerned about renewed g…
Seoul, July 2 (IANS) South Korea’s consumer prices rose more than 3 per cent from a year earlier for two straight months in June, reflecting the lingering impact of the Middle East war on supply chains and oil prices, data showed on Thursday.Consumer prices, a key gauge of inflation, increased 3.2 percent last month from a year earlier, according to data from the Ministry of Data and Statistics. It marked the sharpest increase since December 2023, when the figure was at the same level.Prices of …
Seoul, June 30 (IANS) South Korea’s industrial output fell in May from a month earlier due mainly to a decline in chip production caused by a base effect and volume adjustments, data showed on Tuesday, while retail sales rebounded slightly over the period.Industrial production fell 0.3 percent last month from April, according to data from the Ministry of Data and Statistics, extending on-month losses for two consecutive months, reports Yonhap news agency.Output in the mining and manufacturing se…
Seoul, June 18 (IANS) South Korea plans to apply zero tariff rates on liquefied natural gas (LNG) and liquefied petroleum gas (LPG) within quotas in the second half of 2026 as the country seeks to tame inflation amid lingering global energy price volatility, the finance ministry said on Thursday.The Ministry of Finance and Economy said tariff rates on LNG, LPG and crude oil used for the production of LPG will be lowered to zero in the second half, noting the measure is expected to help stabilise…
Seoul, May 15 (IANS) South Korea is gradually feeling the impact of the prolonged conflict in the Middle East through higher consumer prices despite strong export data, the finance minister said on Friday, vowing proactive steps to stabilise supply chains.Finance Minister Koo Yun-cheol presided over a meeting of economy-related ministers in Seoul to discuss countermeasures against the economic fallout from the geopolitical crisis in the Middle East, according to the Ministry of Finance and Econo…
Seoul, April 24 (IANS) The South Korean government will designate 10 cities to serve as major hubs for startup ecosystems by next year in a bid to promote balanced regional growth and create more jobs for young people, the finance ministry said on Friday. It will first designate four cities that house the country’s major science institutes — Daejeon, Daegu, Gwangju and UIsan — as startup hubs this year, and name six more cities outside of the greater Seoul area with such potential next year, a…
Seoul, April 17 (IANS) Escalating geopolitical tensions linked to the prolonged Middle East conflict are posing risks of inflation and greater downside pressure on the South Korean economy, the finance ministry here said on Friday.The Ministry of Finance and Economy made the assessment in its monthly economic report, known as the Green Book, heightening its warning from last month, when it noted only potential fallout, reports Yonhap news agency.”The economy has faced increasing downside risks d…
Seoul, April 3 (IANS) The government will take stern measures, including legal means, against malicious activities aimed at taking advantage of recent market volatility through the spread of fake news and rumours, a senior finance ministry official said on Friday.”Spreading unfounded fake news in a time of extraordinary crisis is a serious matter that can fuel market anxiety and undermine trust in policy,” Moon Ji-sung, deputy minister for international economic affairs, said while presiding ove…
Bandar Seri Begawan, March 30 (IANS) Indian High Commissioner to Brunei Ramu Abbagani held a meeting with Brunei’s Minister of Culture, Youth and Sports Dato Seri Setia Haji Nazmi Mohamad on Monday, discussing efforts to strengthen bilateral cooperation. In a statement shared on X, the Indian High Commission in Brunei said, “High Commissioner paid a courtesy call on Dato Seri Setia Haji Nazmi Mohamad, Minister of Culture, Youth and Sports, strengthening efforts in bilateral cooperation.”On…