Fiscal chief hints at market stabilizing measures, if necessary

SEJONG -- The Moon Jae-in government has repeatedly expressed its commitment to lower housing prices in Seoul, amid an extraordinary situation in which many apartments surged in price more than 50 percent from late 2016 through 2018.Most of its anti-speculation measures have been mapped out by the Finance Ministry, the Land Ministry and the Financial Services Commission.But the presidential office has refrained from seeking to normalize apartment prices by normalizing interest rates. This is des

President Moon Jae-in called Thursday for an aggressive fiscal policy to cope effectively with a slew of "structural" problems in South Korea.He pointed out that Asia's fourth-largest economy is ridden with such pressing concerns as a widening income gap, unemployment, aging society and low childbirth rate."It's a time when the bold role of state finance is more necessary than any other time," the president said during a government meeting on fiscal strategies in the administ

South Korea’s job market prolonged its downswing in April, with unemployment reaching its highest point in 19 years, government data showed Wednesday.The increasing pace of job creation also slowed further, especially in the retail and manufacturing sectors and among the economically active 30-40 age group.According to job figures released by Statistics Korea, the total number of jobless people surpassed 1.24 million as of April for the first time since the government started compiling the

South Korea's jobless rate rose to 4.4 percent in April, government data showed Wednesday, in the latest sign of a weak job market amid an economic slowdown in Asia's fourth-largest economy.The unemployment rate increased 0.3 percentage point from a year earlier, according to the data compiled by Statistics Korea.It also marked the highest level for any April since 2000, when the corresponding figure stood at 4.5 percent.The number of employed people reached 27.03 million in April, an increase o

South Korea will provide food aid to four countries in the Middle East and Africa currently reeling under famine, the Ministry of Agriculture, Food and Rural Affairs announced Friday.At a ceremonial event held at a port in Mokpo, South Jeolla Province, Deputy Minister Kim Jong-hoon announced that a total of 50,000 tons of domestically grown rice will be distributed to Yemen, Ethiopia, Kenya, and Uganda. The shipments are expected to reach the countries by mid-May to June.Since Korea became a mem

SEJONG -- The South Korean won has lost ground against “reserve currencies” such as the euro and the Japanese yen over the past month, in addition to the US dollar.The euro was worth 1,323.25 won as of May 10, 2019, up 3.08 percent (or 39.65 won) from 1,283.60 won on April 10. That’s the euro’s strongest position in seven months, ever since it recorded 1,323.35 on Oct. 11, 2018. The Korean currency also showed weakness vis-a-vis the Asian reserve currency, the y

South Korea’s balance of payments surplus for industries linked to K-pop businesses has recovered to levels seen before China’s 2016 ban on domestic cultural contents over soured diplomatic relations, tracking data showed Sunday. According to the Bank of Korea Economic Statistics System, Korea recorded a BOP surplus of $114.7 million for music, video and related services in the first quarter of this year -- highest surplus for the category since $132.4 million recorded in the third q

The chief of South Korea’s central bank said Friday that uncertainties have grown concerning the prospects of trade talks between the United States and China, after US President Donald Trump warned of imposing extra tariffs on Chinese goods.“It is true that uncertainties have grown further over the US-China trade talks” Bank of Korea Gov. Lee Ju-yeol said at a meeting on financial and economic status. “But we need to calmly keep watch as there are considerable expectation

Fiscal chief puts pressure on opposition to end protest, cooperate in approving extra budget　

South Korea's monthly current account surplus narrowed in March from a year earlier amid slowing exports, central bank data showed Wednesday. The country's current account surplus came to $4.8 billion in March, down from $5.1 billion a year earlier, according to the preliminary data from the Bank of Korea. But the surplus widened from the previous month's $3.6 billion. The current account has been in the black for 83 straight months.In the first three months of this year, the country's current a

Some board members of the Bank of Korea expressed concerns that a much-coveted recovery in Asia's fourth-largest economy may not take place in the second half of the year, making it more difficult for South Korea to meet its growth target, when they made a rate-freezing decision last month, according to meeting minutes released Tuesday.In an April policy rate-setting meeting, the BOK's seven-member monetary policy committee unanimously decided to hold the policy rate steady at 1.75 percent. It h

Large-scale residential complexes in Goyang, Bucheon to accommodate 58,000 households

The finance chiefs of 13 Asian countries, including South Korea, on Thursday agreed on a preliminary framework to strengthen regional currency swap agreements, with aims to avoid overreliance on the US dollar.According to the Bank of Korea, the consensus was reached during the 22nd ASEAN Plus Three Finance Ministers’ and Central Bank Governors’ Meeting held in Nadi, Fiji.The ASEAN+3 is a regional body consisting of the 10 Association of Southeast Asian Nations members as well as Kore

Among major currencies, the South Korean won suffered the steepest monthly decline against the US dollar, reports showed Wednesday, due to the latest trend of a persistently strong greenback. The won had fallen 2.82 percent on-month as of Tuesday, Bloomberg data that measured the monthly rate of decline of 16 major currencies showed.Most currencies weakened against the US dollar, except the Mexican peso and South Africa’s rand, which gained 1.98 percent and 1.07 percent, respectively.