The Bank of Korea (BOK) said Tuesday that it will offer $4.41 billion to local banks this week in its second round of dollar funding using its bilateral currency swap arrangement with the US Fed that is designed to help prevent a foreign exchange liquidity crunch. The central bank held an online auction to provide up to $8.5 billion in seven-day debt and 84-day loans. Bids undershot the BOK target of $7 billion in 84-day loans and $1.5 billion in seven-day loans. "A total of $4.41 billi

South Korea’s central bank said Monday that it has launched a pilot program for a central bank-issued digital currency. “We do not see the immediate need to issue a digital currency in the near future, due to the considerable level of cash demands here and the relatively stable payment market operations,” the Bank of Korea said in a release. “But we should be able to make responsive moves, should environments change drastically at any time, so we shall undertake tech

South Korea's state tax revenue dropped from a year earlier in the first two months of 2020, the finance ministry said Tuesday, amid a slump caused by a steady decline in exports and problems stemming from the new coronavirus outbreak. In the January-February period, state tax revenue came to 46.8 trillion won ($38.3 billion), down 2.4 trillion won from the same period last year, according to the report from the Ministry of Finance and Economy. The amount represents 16.1 percent of this year'

South Korean shares opened higher Tuesday, tracking overnight gains on Wall Street amid signs that the spread of the coronavirus could be slowing. The benchmark Korea Composite Stock Price Index (KOSPI) rose 42.10 points, or 2.35 percent, to 1,833.98 in the first 15 minutes of trading. The main index tracked overnight gains on Wall Street. The Dow Jones industrial average rose 7.73 percent, and the tech-heavy Nasdaq composite index climbed 7.33 percent. US stocks soared as the number of new

South Korea's current account surplus sharply increased from a year earlier in February, as its goods account surplus widened while its service account deficit slightly narrowed, central bank data showed Tuesday. The country's current account surplus came to $6.41 billion in the month, up from a $3.85 billion surplus the same month last year, according to preliminary data from the Bank of Korea (BOK). Its goods account surplus widened to $6.58 billion from $5.42 billion over the cited period,

The state-run Export-Import Bank of Korea said Monday that it intends to create two funds worth a total of 400 billion won ($325.2 million) to help South Korean health care companies go global. The money will go to Korean companies devoted to immunotherapy, gene therapy, health care systems, diagnostic kits and medical devices. It will be used to support them in exporting more products, clinching more overseas investment and expanding to foreign markets. Of the total, Eximbank Korea has comm

The National Health Insurance Service unveiled on Monday plans to commit up to 1.4 trillion won ($1.14 billion) to its first alternative investment in history as an institutional investor. It plans to select two lead partners to manage the assets for four years, officials said. This comes as the South Korean state agency, with some 20 trillion won worth of assets under management, moves to shift away from a conservative portfolio and turn to alternative assets, ranging from real estate to

The average price for the jeonse -- a real estate term unique to South Korea that refers to a property lease -- in Seoul has surpassed 460 million won ($375,000) for the first time, continuing the recent upward trend, data showed Monday. According to the Korea Appraisal Board, a property assessment agency, the average jeonse prices in the capital have been rising since July to reach 460.7 million won as of March. Separate data from property services platform KB Kookmin Bank Liiv On also sho

Local investors scoop up $12.38b of US stocks in March

South Korean stocks soared by almost 4 percent on Monday, extending their gains to a third straight session on hopes of potential treatment for the new coronavirus that has infected more than 1.2 million people around the world. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 66.44 points, or 3.85 percent, to 1,791.88. Institutional investors bought a net 1.03 trillion won ($838 million), while foreign investors sold a net 202 billion w

South Korea’s 10 financial holding groups’ combined net profit increased 31 percent last year, data showed Monday, but the upward trend is unlikely to continue next year. According to the watchdog Financial Supervisory Service, the combined net profit of Shinhan, KB, NH Nonghyup, Hana, Woori, BNK, DGB, JB, Korea Investment and Meritz came to 15.2 trillion won ($12.3 billion) in 2019. The figure was up nearly 3.6 trillion won or 31 percent on-year. The corresponding figure for 201

South Korea's chief financial regulator on Monday dismissed allegations that some companies are facing a looming credit crunch this month amid the spread of the novel coronavirus. Outstanding loans extended by five major banks to large companies came to 78.7 trillion won ($61.8 billion) as of March 20, up nearly 1.8 trillion won from end-February, according to the data from the banks. Loans extended to small and midsized firms jumped by more than 61 trillion won or 16 percent over the cited p

South Korea said Monday it will expand the size of its free-trade zones to provide more leeway to businesses in line with efforts to boost slowing exports amid the global virus pandemic. Under the plan, the size of the free trade zone of Incheon International Airport, the main gateway to South Korea, will expand around 10 percent to 3.3 square kilometers, according to the Ministry of Trade, Industry and Energy. South Korea operates free trade zones in major cities, including Incheon and Busan

The number of small business owners who were unable to repay credit loans prolonged an upward trend last year and remains likely to expand further this year, due to the novel coronavirus spread, data showed Sunday. The number of small business owners who are in default came in at 35,806 in the fourth quarter last year, up from 35,567 in the third quarter and 33,292 in the second quarter, according to data compiled by credit rating firm NICE Credit Information Service. Given that some 2.09 mi

South Korean shares opened higher Monday amid hopes of a potential treatment for the new coronavirus that has infected more than 1.2 million people around the world. The benchmark Korea Composite Stock Price Index (KOSPI) rose 20.56 points, or 1.19 percent, to 1,746.00 in the first 15 minutes of trading. Seo Sang-young, a researcher at Kiwoom Securities Co., said the main index received a boost amid positive news about Gilead Sciences' remdesivir against COVID-19. Daniel O'Day, chairman and