The Bank of Korea will maintain an accommodative monetary policy next year to help boost the country's economic growth and spur record-low inflation in Asia's fourth-largest economy, while also considering other means to assist the local economy, the central bank said Friday."Under the direction of its monetary policy in 2020, the Bank of Korea will maintain the easing stance of its monetary policy to support the recovery in growth and to ensure the rise in consumer prices will be stabilize

South Korea’s monetary authorities on Thursday reiterated their warning against increasing household debt especially for the elderly as the heated real estate market continues to attract liquidity.According to a report released by the Bank of Korea, the outstanding household debt, including credit spending, came to 1,572.7 trillion won ($1.35 trillion) as of end-September. The figure, which has gained 3.9 percent on-year, marks the lowest growth since the second quarter of 2004, when the h

The number of private money lenders in South Korea edged down 0.2 percent in the first half of the year from six months earlier, data showed Thursday. The number of registered private money lenders and brokers reached 8,294 as of the end of June this year, down 16 from six months earlier, according to the data from the Financial Supervisory Service.The total amount of outstanding loans by private lenders was 16.7 trillion won ($14.3 billion) at the end of June, down from 17.3 trillion won six mo

SEJONG -- Data provided by a state-funded agency showed that the volume of unemployment benefits paid to the jobless has sharply increased over the past two years.The figures, from the Korea Employment Information Service, suggest that the economic slowdown is forcing more and more people to leave their workplaces or close their businesses.South Korea saw monthly payouts of unemployment benefits reach 704.4 billion won ($605.1 million) in October 2019, compared with 388.8 billion won in October

The number of South Koreans who changed residences to a different region fell in November, as tightened regulations aimed at reining in housing prices sapped the country's population mobility, data showed Thursday. The number of people who changed their residences declined 8 percent last month from a year earlier to 566,000, according to the data compiled by Statistics Korea. The population mobility rate -- the number of those changing residences for every 100 people -- fell 1.2 percentage point

South Korea's public sector debt growth accelerated in 2018, but its share of the country's gross domestic product remained flat, the finance ministry said Thursday.The country's public sector debt, known as D3, which includes the debt of the central government and state-funded firms, reached 1,078 trillion won ($926 billion) as of end-2018, up 34 trillion won from a year ago, according to data compiled by the Ministry of Economy and Finance.It accounted for 56.9 percent of the country's GDP las

Wages of reemployed older generations

Legislative delay of accompanying bills raise concerns on fiscal spending momentum

Following the unexpected stringent mortgage control measures announced by the government last week, state agencies are also ramping up pressure to cool down the real estate market by conducting tax probes on individuals and even limiting the use of credit loans for buying houses.The National Tax Service said Monday it will investigate 257 homeowners and track the source of their funds. They are suspected of having purchased expensive apartments with money transferred from parents and relatives,

SEJONG -- South Korea’s policymakers are struggling to invigorate the sluggish economy, having suffered minus 0.37 percent on-quarter growth in the first quarter this year.The nation posted 1.04 percent on-quarter economic growth in the second quarter, on the back of the base effect from the deep slump in the previous quarter.But its third-quarter growth stayed at 0.41 percent due to continuous lackluster export performance and slower-than-expected improvement in private consumption.The fi

More than half of middle-aged people were indebted last year, data showed Tuesday, in the latest sign of growing household debt in South Korea. The data compiled by Statistics Korea showed that 56.1 percent of people aged between 40 and 64 borrowed money from banks or other financial institutions in 2018, up 0.8 percentage point from 2017.Their median debt amount stood at 50.96 million won ($43,836) in 2018, according to the data.  For those who own homes, the median debt amount jumped to 8

South Korea's service sector logged a 5.6-percent rise in sales last year from a year earlier, thanks to robust sales at convenience stores and coffee shops, data showed Tuesday. The combined sales of local service firms totaled 2,155 trillion won ($1.85 trillion) last year, compared with 2,042 trillion won in 2017, according to the data compiled by Statistics Korea.The data showed that 12.18 million people worked in the service sector in 2018, up 4 percent from a year ago.  According to th

Economic conditions at home and abroad are expected to improve early next year, supported by a trade truce between the United States and China and an easing of Brexit worries, South Korea's vice finance minister said Tuesday. Vice Finance Minister Kim Yong-beom made the remarks at a regular meeting with senior financial officials on macroeconomic factors earlier in the day. "Recently, financial markets at home and abroad showed an improvement, thanks to a 'phase one' trade deal between the

South Korea's Cabinet on Tuesday approved a plan to lower tariff rates on 77 products next year to bolster the country's industrial competitiveness and stabilize prices of domestic goods. The products covered by a tariff quota include crude oil, liquefied natural gas and cobalt sulfate, a key ingredient in making batteries for electric vehicles, according to the Ministry of Economy and Finance. Under the tariff quota, which is set to take effect between Jan. 1 and Dec. 31 next year, tariff rates

South Korean and foreign securities firms saw their combined net profit fall 28.5 percent in the third quarter from a quarter earlier due in part to declines in commission fees, data showed Tuesday.The combined net profit of 56 local and foreign brokerages in South Korea stood at 988.9 billion won ($850.5 million) in the July-September period, down from 1.38 trillion won in the April-June period, according to the preliminary data from the Financial Supervisory Service.Brokerage commission fees f