A liquidity crunch South Korea is currently facing has to do with multiple factors, mainly led by uncertainties about where the economy is headed amid soaring interest rates and the rapidly depreciating local currency, the country’s top financial policymaker said Monday. “We had prepared the contingencies but the market conditions were worse than what we had expected,” Kim Joo-hyun, chairman of the Financial Services Commission, said at a National Assembly audit. Kim referred t

South Korean stocks advanced Monday to end their three-day losing streak. with construction and tech companies leading the rally, as the government's 50 trillion-won ($35 billion) liquidity support plan eased worries about growing credit crunch risks. The local currency ended nearly flat against the US dollar. The benchmark Korea Composite Stock Price Index rose 23.04 points, or 1.04 percent, to close at 2,236.16. Trading volume was moderate at 434 million shares worth 6.76 trillion won wit

South Korean stocks got off to a strong start Monday, as US Federal Reserve officials' remarks raised hopes that the central bank may dial down the pace of interest rate increases. The benchmark Korea Composite Stock Price Index gained 35.60 points, or 1.61 percent, to 2,248.72 in the first 15 minutes of trading. While the market still widely predicts another 0.75 percentage point rate hike by the Fed in December, Mary Daly, president of the San Francisco Federal Reserve Bank, suggested pla

　The amount of payments made electronically posted two-digit growth in the first half of this year, central bank data showed, as the COVID-19 pandemic prompted more people to engage in contactless commerce. 　The daily average amount of electronic financial transactions came to 802 billion won ($575 million) in the January-June period, up 13.5 percent from six months earlier, according to the data from the Bank of Korea. 　The daily average number of electronic financial transactions rose 4.4 p

South Korea’s economic policy chiefs, led by Finance Minister Choo Kyung-ho, said Sunday the government would expand liquidity facilities to buy corporate bonds and commercial paper to stop a recent credit default from spilling over into the wider financial market. “The government will earmark 50 trillion won ($34 billion), at the least, to avoid a liquidity crunch,” Choo said, noting the fund will be used starting Monday to calm growing worries over the corporate debt markets.

Nearly 7 out of 10 four-year college graduates have practically given up searching for jobs, showed a survey result published Sunday by the Federation of Korean Industries. According to the survey of 2,469 job-seeking graduates and undergraduates by the lobby group, 65.8 percent of respondents had just about stopped job searching, with 31.8 percent only habitually looking for employment, 26.7 percent rarely partaking in job searching and 7.3 percent taking a break. Meanwhile, 66.3 percent of res

Local investors' voracious appetite shows no sign of abiding, but regulatory hurdles remain to limit market expansion

South Korean Finance Minister Choo Kyung-ho plans to hold an emergency meeting with the country's central bank chief and top financial regulators on Sunday to discuss ways to rein in market jitters stemming from a default on debt linked to the construction of the Legoland theme park. The session will be held amid increased volatility in the money market following a default on municipal government-guaranteed debt worth 205 billion won ($143 million) raised to fund the construction of Legoland Kor

SEJONG -- South Korea’s public firms are poised to sell off assets, including real estate and stocks -- worth more than 20 trillion won ($14 billion) -- over the next five years, state data showed Friday. According to the combined innovation plan, which was handed over to Rep. Koh Yong-jin of the Democratic Party of Korea by the Ministry of Economy and Finance, the nation’s 350 state-run firms were planning to dispose of assets worth 22.5 trillion won by 2027. Assets to go up for s

South Korea's exports slipped 5.5 percent from the previous year in the first 20 days of October, data showed Friday, hinting that monthly outbound shipments could decrease on-year for the first time in two years. The country's outbound shipments stood at $32.4 billion in the Oct. 1-20 period, compared with $34.29 billion a year earlier, according to the data from the Korea Customs Service. Imports, on the other hand, moved up 1.9 percent on-year to $37.35 billion during the cited peri

South Korea's producer prices bounced back in September following the first downturn in about two years a month earlier, as high energy and farming bills drove up costs, central bank data showed Friday. The producer price index, a major barometer of consumer inflation, inched up 0.2 percent in September from a month earlier, according to the preliminary data from the Bank of Korea. From a year earlier, the index jumped 8 percent. The on-month rise came after the index dropped 0.4 percent in

South Korean stocks opened slightly lower Friday as weak export data fanned concerns about an economic slowdown. The benchmark Korea Composite Stock Price Index had slipped 0.85 points, or 0.04 percent, to 2,217.24 points as of 9:15 a.m. South Korea's exports in the first 20 days of October contracted 5.5 percent from the previous year, indicating that monthly outbound shipments could decrease on-year for the first time in two years. Market bellwether Samsung Electronics inched up 0.18 perc

SEJONG -- Financial policymakers on Thursday said banks' foreign currency liquidity conditions remain stable, but raised concerns that the weak won against the US dollar could undermine the asset soundness of financial firms. The remarks were made at a meeting with senior officials from the Finance Ministry, the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service, which was held at the Korea Center for International Finance in Seoul. At the meeting, First Vic

South Korean stocks retreated for a second straight session Thursday, as investor sentiment worsened on concerns about aggressive rate hikes. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) declined 19.35 points, or 0.86 percent, to close at 2,218.09 points. Trading volume was moderate at about 1.1 billion shares worth some 8.1 trillion won (US$5.7 billion), with gainers outnumbering losers 607 to 273. Institutions offloaded a net 409 billion wo

The US dollar is expected to continue to gain strength against other currencies for the time being, a former economist of the International Monetary Fund (IMF) said Thursday, warning emerging markets such as South Korea need to brace for more economic jitters. "The Federal Reserve has raised interest rates much more aggressively than other central banks," Kenneth Rogoff, a professor at Harvard University, said during an online seminar hosted by the Seoul-based Institute for Global Econ