Private consumption shrinks due to ‘hot and humid’ weather in Korea… recovery is expected in the future
On the afternoon of the 10th, the streets of Myeong-dong, Jung-gu, Seoul [사진=연합뉴스] Private consumption, which had contracted due to abnormal temperatures and heavy rains, is expected to gradually recover. However, the degree of recovery is expected to vary depending on other consumption conditions, including consumption capacity, consumption propensity, and housing prices. The Bank of […]
Growing Concerns of China’s Economic Slowdown Impacting South Korea’s Growth Prospects
Concerns Grow Over Slowing Demand in China and Its Impact on Korea’s Economy Possibility of Lowered Economic Growth Prospects and Monetary Policy Freeze As concerns surrounding a potential slowdown in China’s economy continue to mount, experts anticipate that the Bank of Korea’s Monetary Policy Committee (MPC) will maintain the benchmark interest rate at its upcoming […]
Rise in Deposit Interest Rates Spurs Influx of Money into Time Deposits, Raises Concerns about Loan Interest Rates
Reappearance of 4% Deposit Interest Rate Spurs Surge in Time Deposits Updated August 13, 2023, 9:29 AM by Kim Nam-yi, Money Today Reporter With the central bank reintroducing a 4% deposit interest rate, there has been a significant influx of money into time deposits. In just the past month, over 12 trillion won has been […]
Bank of Korea Awaits US Federal Reserve’s Decision on Interest Rates in August
Bank of Korea’s Monetary Policy Decision in Focus as Interest Rate Gap with US Widens The Bank of Korea (BOK) is set to announce its monetary policy decision for August in about 10 days. The main factor shaping this decision is the widening gap between the benchmark interest rates of South Korea and the United […]
Foreign Exchange Reserves See Consecutive Growth in July: Bank of Korea Report
Foreign Exchange Reserves Increase Second Month in a Row According to a report released by the Bank of Korea on August 3rd, foreign exchange reserves saw an increase for the second consecutive month in July. The total reserves at the end of July amounted to $421.8 billion, marking a $350 million rise from June. This […]
Korea’s Foreign Exchange Reserves Experience Small Increase Amid Strong Dollar, Overtakes Hong Kong in Global Rankings
According to a report by reporter Park Gwang-beom of Money Today, South Korea’s foreign exchange reserves have experienced a small increase due to the strength of the US dollar. In fact, the country’s global foreign exchange reserves have risen to eighth place, surpassing Hong Kong. The Bank of Korea has reported that as of the […]
Homebuyers Face Increasing Mortgage Loan Interest Burden as Rates Rebound
On the 30th, a special Bogeumjari Loan advertisement was displayed in a commercial bank in Seoul, signaling the increasing burden of loan interest on homebuyers. As major central banks refrain from cutting interest rates, immediate relief seems unlikely. According to the financial sector, the variable interest rate on mortgage loans, based on the new COFIX, […]
Declining Consumption Threatens Korean Economy as Travelers Opt Out Due to Expensive Prices
Slow Exports and Expensive Prices Hamper Korean Economy In a scenario where exports are sluggish, even consumption, a key pillar of the Korean economy, is experiencing tremors. As the holiday season approaches, analysts anticipate minimal impact on consumption due to the increasing number of individuals opting out of travel plans because of exorbitant prices. Decline […]
Rise in Home Loans: Major Banks Experience Significant Increase in Mortgage Loans
Home loans at the five major commercial banks in South Korea increased by more than 300 billion won in July, primarily driven by demand for home mortgage loans. According to the financial sector, the total balance of home loans at KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup reached 678.57 trillion won by July 20th, […]
South Korea among World’s Highest Household Debt Countries, Bank of Korea Reports
South Korea’s Household Debt-to-GDP Ratio Ranks Third Highest Among Major Countries By Ha Su-min, Money Today Reporter | 2023.07.22 13:00 South Korea has recently been identified as having the third highest household debt-to-GDP ratio among major countries. A report titled ‘Causes and Effects of the Increase in Household Debt from a Long-term Structural Perspective and […]
