The basic fare for the subway in the Seoul metropolitan area has gone up by 150 won (US$0.11) to 1,400 won starting Saturday, city government officials said. The adjusted fare was applied from the first trains operating across Seoul, the surrounding Gyeonggi Province and Incheon earlier in the day. It is the first time that public transportation fares in the capital have been raised in eight years since the last markups in June 2015. The basic subway fare now stands at 1,400 won if paid by credi

South Korea's foreign reserves fell for a second straight month in September due to the US dollar's rise and market stabilization measures, central bank data showed Friday. The country's foreign reserves had come to $414.12 billion as of end-September, down $4.18 billion from the previous month, according to the data from the Bank of Korea. The dollar's ascent last month reduced the converted value of holdings denominated in other currencies, the BOK explained. The dollar ind

South Korea's central bank said Friday that, along with the Bank for International Settlements and other central banks, it will launch a project together to automate compliance procedures and offer real-time monitoring in cross-border transactions. In a statement, the Bank of Korea said BIS Innovation Hub Singapore Centre, Reserve Bank of Australia, the BOK, Bank Negara Malaysia and Monetary Authority of Singapor will launch a project, dubbed Project Mandala, which explores the feasibility

South Korea's on-year consumer prices accelerated by the most in five months in September, driven by higher oil costs and rising prices of some farm goods, data showed Thursday. Consumer prices, a key gauge of inflation, rose 3.7 percent last month from a year earlier, according to the data from Statistics Korea. In August, consumer prices increased 3.4 percent on-year, accelerating from 2.3 percent growth tallied in July. It was the highest on-year rise since the 3.7 percent growth tallied

Wholesale CBDC between BOK, banks to be tested first

South Korea and the United Arab Emirates have launched formal negotiations for a bilateral free trade agreement, Seoul's industry ministry said Wednesday. The two nations agreed in 2021 to push for forging a Comprehensive Economic Partnership Agreement, and the first round of talks kicked off in Seoul on Monday for a four-day run, according to the Ministry of Trade, Industry and Energy. The CEPA is a type of FTA, which emphasizes a broader scope of economic cooperation and exchanges on top

South Korea's industrial output rebounded in August from a month earlier on the back of a robust recovery in the chip sector, data showed Wednesday. The industrial output advanced 2.2 percent in August from the previous month, after slipping 0.8 percent in July, according to Statistics Korea. It was the sharpest growth since a 2.3 percent rise tallied in February 2021. The rebound came after the country's industrial output, retail sales and facility investment all lost ground at the sa

Individuals increasingly turning eyes to more stable investment options amid higher interest rates

South Korea's exports fell for the 12th consecutive month in September but logged the smallest on-year decline so far this year, as global demand for semiconductors has been on the recovery track, the industry ministry said Sunday. Outbound shipments fell 4.4 percent on-year to $54.66 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Exports have marked an on-year drop since October last year amid aggressive monetary tightening by the United S

Assets held by South Korean households in Seoul and the surrounding metropolitan areas were some 70 percent larger than those owned by households in the non-metropolitan regions, data showed Saturday. The average per-household assets in Seoul, the western city of Incheon and the surrounding Gyeonggi Province came to 692.46 million won (US$512,554) as of end-March, some 69.2 percent greater than 409.35 million won owned by each non-capital household, according to the data by Statistics Korea pres

The inflation rate for food prices at dining establishments and prices of processed foods has been increasing at a faster pace than the overall inflation rate for consumer goods, a state-led agency’s data showed Saturday. According to Statistics Korea, the inflation rate for food prices at dining establishments in August came to 5.3 percent, while the inflation of consumer prices reached 3.4 percent. Government data also showed that food prices at restaurants have been increasing for 27 st

Major South Korean refiners are expected to post a turnaround in their third quarter earnings, recovering from losses and dismal profits in the previous quarter, on the back of stronger margins amid rising oil prices, according to analysts Friday. SK Innovation Co., the energy unit under SK Group, is forecast to log 667.5 billion won (US$498 million) in the operating profit for the July-September period, turning around from a loss of 107 billion won in the previous three months, according to the

Amid rising inflation, an increasing number of Koreans are opting for more affordable ready-to-eat meals, or meal kit, products over traditional dishes to prepare a table for the Korean Thanksgiving holiday of Chuseok that runs from Sept. 28 through Sept. 30 this year. During Chuseok, setting up a "charye" -- a table full of food offerings including fruits, rice, fish and meat -- is prepared to honor one’s ancestors. However, the cost of preparing a four-person charye is expected

South Korea's business sentiment remained unchanged for October amid sluggish exports of the country's key products, a central bank poll showed Wednesday. Local companies' business sentiment index amounted to 73 for the coming month, unchanged from the previous month, according to the survey by the Bank of Korea. The index measures corporate prospects for business conditions the following month. A reading below 100 means pessimists outnumber optimists. The central bank said busine

Expectations remain high that inflation, housing prices will rise