Foreign currency deposits held by banks in South Korea continued to rise for a second straight month in September, with deposits held both by individuals and companies growing, central bank data showed Monday.The overall amount of foreign currency savings here came to $72.64 billion as of end-September, up $1.67 billion from a month earlier, according to the data from the Bank of Korea. The reading marks an acceleration from August, when foreign currency deposits gained $1.13 billion, marking a

Concerns are mounting that the central bank’s latest base rate cut may encourage easy borrowing and aggravate the country’s household debt problem.But others suggest that the government’s enhanced loan regulations and slow economic growth pace will help prevent reckless borrowing.The total balance of household credit as of the end of June this year stood at 1,556.1 trillion won ($1,318 billion), according to data released by the Bank of Korea on Sunday.Household credit is a com

The Bank of Korea is expected to keep its key rate at a historic low until July next year as it maintained expectations of a modest economic recovery in 2020, according to a report Sunday. But the BOK may have no choice but to cut the key rate next July unless the United States and China agree to end their lengthy trade war by that time, Goldman Sachs said in the report.In a widely expected move, the BOK slashed the key rate to 1.25 percent from 1.5 percent last week, marking the second rate cut

South Korean stocks are expected to move in a tight range next week as investors remain wary over the US-China trade row, analysts said Saturday. On Friday, the benchmark Korea Composite Stock Price Index ended down 17.25 points, or 0.83 percent, at 2,060.69 as China's third-quarter growth slowed to a 27-year low of 6 percent.This week, the KOSPI gained 0.79 percent. In a widely expected move, the Bank of Korea slashed its key rate to 1.25 percent from 1.5 percent this week -- the second rate cu

As US President Donald Trump mulls a list of countries to impose auto tariffs on, US Treasury Secretary Steven Mnuchin said Washington will take South Korea’s stance on the matter into account, Korea’s Ministry of Economy and Finance said Friday. According to the ministry, Deputy Prime Minister and Finance Minister Hong Nam-ki requested the US Treasury support the exemption of South Korea from auto import tariffs on cars that the Trump administration deems a threat to national securi

US Treasury Secretary Steven Mnuchin has said Washington will fully take into account South Korea's position on possible auto tariffs, South Korea's finance ministry said Friday.Mnuchin made the remarks in Washington on Thursday (local time) during a meeting with South Korean Finance Minister Hong Nam-ki, who called for an exemption from US tariffs on South Korean automobiles, according to the ministry.Hong is in Washington for the Group of 20 finance ministers and central bank governors' meetin

SEJONG -- South Korea has become the first Asian country to sign a free trade agreement with a Central American trade bloc, composed of five countries -- Honduras, Nicaragua, El Salvador, Costa Rica and Panama.The Korea-Central America FTA took effect on Oct. 1, as the initial effectuation with Honduras and Nicaragua. The deal with the other three will be implemented after ratification by their legislatures.Korea is pinning big hopes on its 16th FTA deal with the Central American countries, and

President Moon Jae-in said Thursday his liberal administration is determined to maintain its expansionary fiscal policy and continue efforts to revitalize civilian investment in response to deepening woes facing Asia's fourth-biggest economy.Moon reiterated that South Korea, like many other countries, is suffering economic troubles due to such external factors as trade disputes and the sharp shrinking of the global manufacturing sector. He was apparently undaunted by attacks from political oppon

South Korea’s central bank on Wednesday cut the country’s key interest rate to 1.25 percent, reflecting the sluggish economic growth, low inflation and declining exports.Its second rate cut in three months -- to the lowest ever level -- is in line with the global trend toward monetary easing.“We have cut the base rate considering the lower-than-expected growth outlook and low inflation,” said Bank of Korea Gov. Lee Ju-yeol in a press conference. The BOK’s rate-setti

South Korea's jobless rate hit a six-year low in September and there were more new jobs added than at any time in the past five years, government data showed Wednesday.  The unemployment rate fell 0.5 percentage point on-year to 3.1 percent last month from a year earlier, marking the lowest level for any September since 2013, Statistics Korea said in a statement.In particular, the unemployment rate for young adults -- those aged between 15 and 29 -- declined to 7.3 percent last month from 8

S. Korea’s growth pace estimation for 2019 sheds 0.6% to 2%

Government to relax loan rules for brokerages, simplify screening for chemical plants

South Korean manufacturers' business sentiment for the fourth quarter of the year worsened due to external uncertainties, a survey showed Monday.The business sentiment index, compiled by the Korea Chamber of Commerce and Industry, stood at 72 for the October-December period, slightly down from 73 the previous quarter, KCCI said in a statement. The BSI figure has stayed below the break-even threshold of 100 for the past 14 consecutive quarters. The last time the BSI was above 100 was in the third

SEJONG – It’s still too early to call it confidence, but optimism is growing among some capital-market participants and analysts in South Korea over the possibility that stock prices will rebound. They cite favorable external factors involving eased concerns about the trade dispute between the US and China as the prospects of a bilateral compromise grow.The benchmark Kospi has been swayed by external factors like global financial crisis over the past few years or decades. However, li

Korea and Japan on Friday ended their first round of talks on a bilateral trade dispute with an agreement to meet again for further consultations.    The two sides met in Geneva to discuss South Korea's complaint with the World Trade Organization over Japan's export controls against the South.    "We agreed that further consultations are necessary, and decided to schedule a second round of bilateral talks through diplomatic channels," Chung Hae-kwan, the c