Finance minister holds emergency inter-agency meeting over FX market volatility

Finance Minister Koo Yun-cheol presided over an inter-agency emergency meeting Sunday to discuss response measures to recent volatility in the foreign exchange market, his office said. The gathering discussed recent developments in the local and overseas financial and foreign exchange markets as well as response measures, according to the finance ministry. Its participants included Bank of Korea Gov. Rhee Chang-yong, Ha Joon-kyung, senior presidential secretary for economic growth, Lee Eog-weon,

Dec. 14, 2025

[Photo News] Won nears 1998 crisis low

Electronic boards at currency exchange shops in Myeong-dong, central Seoul, show the won-dollar rate at 1,479 on Sunday. According to the Bank of Korea, the won has averaged above 1,470 per US dollar this month, its weakest level since the Asian financial crisis, when the currency slid to as much as 1,488 in March 1998. The monthly average had already moved above 1,460 amid persistent depreciation since October. The won has remained weaker than 1,450 since Dec. 7 and traded above 1,470 almost th

Dec. 14, 2025

Top 1% now hold 60% of Korea’s financial assets: KB

The number of Koreans with more than 1 billion won ($677,000) in financial assets has tripled in 15 years, with the top 1 percent now controlling about 60 percent of the nation’s financial wealth, a KB report showed Sunday. KB released its annual Korea Wealth Report, with this year’s edition featuring a retrospective analysis of the past 15 years to track changes in the size, composition and asset allocation of Korea’s wealthy population. According to the report, the number of so-called rich Kor

Dec. 14, 2025

Import prices log fastest increase in 19 months in Nov. on weaker won: BOK

Import prices increased at the fastest pace in 19 months in November, despite a decline in global oil prices, due largely to the weaker Korean won, central bank data showed Friday. The import price index rose 2.6 percent on-month in November, accelerating from a 1.9 percent gain in October, according to preliminary data from the Bank of Korea. The November reading marked the fastest growth since April 2024, when the index jumped 3.8 percent, and the fifth straight monthly increase. On a year-on-

Dec. 12, 2025

Foreigners snap 6-month buying of S. Korean stocks in Nov.

Foreign investors became net sellers of South Korean stocks in November, ending their six-month buying streak as they sought to cash in gains, data showed Friday. Offshore investors sold a net 13.37 trillion won ($9.1 billion) worth of local stocks last month, following a net purchase of 4.2 trillion won the previous month, according to the data from the Financial Supervisory Service. Foreigners had been net buyers of Korean stocks since May. Following their net selling in November, offshore inv

Dec. 12, 2025

Fed cut narrows rate gap, bringing Korea modest relief

The US central bank’s rate cut has offered South Korea some breathing room by narrowing the policy rate gap between the two countries. Given the persistent dollar demand weighing on the local currency, however, the won's upside potential may remain constrained. The US Federal Reserve lowered the benchmark federal funds rate by a quarter point to between 3.5 and 3.75 percent, in line with market expectations. With the Bank of Korea holding its rate at 2.5 percent since May, the Fed's 0.25 percent

Dec. 11, 2025

Fed's policy turns more cautious, close market monitoring required: BOK

The Federal Reserve's latest interest rate cut was broadly in line with market expectations, but it is likely to adopt a more cautious policy stance going forward, a senior official of the South Korean central bank said Thursday. On Wednesday, the Fed lowered its benchmark lending rate by a quarter percentage point for the third consecutive meeting to the 3.5-3.75 percent range amid economic uncertainties, though policymakers were divided over the decision amid persistent inflationary pressure a

Dec. 11, 2025

Exports up 17.3% during first 10 days of December on strong chip sales

South Korea's exports jumped 17.3 percent from a year earlier in the first 10 days of December, bolstered by robust global demand for semiconductors and an increase in working days, data showed Thursday. Outbound shipments reached $20.58 billion in the Dec. 1-10 period, compared with $17.54 billion tallied a year earlier, according to the data from the Korea Customs Service. It marked the largest figure ever for any 10-day period. Average daily exports climbed 3.5 percent on-year to $2.42 billio

Dec. 11, 2025

Korea, Indonesia move to close gaps in cross-border tax collection

Korea’s National Tax Service and Indonesia’s Directorate General of Taxes signed a memorandum of understanding in Jakarta on Tuesday to strengthen cross-border tax collection and crack down on intentional evasion. NTS Commissioner Lim Kwang-hyun and Indonesian Tax Commissioner Bimo Wijayanto formalized the deal during this week's 12th Korea-Indonesia Commissioners’ Meeting. The agreement establishes clearer procedures for enforcing tax claims in each other’s jurisdictions, including the ability

Dec. 10, 2025

ADB ups 2025 growth forecast for S. Korea to 0.9% on consumption recovery, tariff deal

The Asian Development Bank has revised up its growth outlook for South Korea this year to 0.9 percent following the country's stimulus packages to boost consumption and tariff deal with the United States, Seoul's finance ministry said Wednesday. The figure marks a 0.1 percentage point increase from the ADB's previous forecast made in September. The ADB also raised Korea's growth outlook for next year by 0.1 percentage point to 1.7 percent, according to the Ministry of Economy and Finance. The re

Dec. 10, 2025

Free cash flow of top 500 firms increases sharply in Q3 amid chip boom: data

Free cash flow of South Korea's top 500 listed firms rose sharply over the past year as a positive business cycle in the semiconductor market boosted liquidity at major chipmakers, industry data showed Wednesday. According to the data by corporate tracker CEO Score, the 500 listed firms, excluding financial companies, recorded a combined 69.6 trillion won ($47.3 billion) in free cash flow as of the third quarter, up 42 percent from 49.1 trillion won a year earlier. Free cash flow refers to the a

Dec. 10, 2025

Govt. to require foreign home buyers in real estate permit zones to submit financing plan

The government will require foreign nationals buying homes in designated real estate permit zones starting early next year to submit detailed documents showing how they plan to finance their purchases, the land ministry said Tuesday. The move, part of a revised government enforcement decree set to take effect Feb. 10, comes after concerns that some foreign buyers have been purchasing expensive homes with overseas funds that are hard to trace, without being subject to tightened domestic lending r

Dec. 9, 2025

PM, BOK chief agree to communicate closely on economy

Prime Minister Kim Min-seok and Bank of Korea Gov. Rhee Chang-yong agreed Tuesday to closely communicate on issues related to the economy, including stabilizing the exchange rate and prices. The two met at Kim's office as concerns have been raised about the won's recent weakening and high consumer price levels, despite improvements in domestic demand and exports. "The government will do its best to secure the momentum of economic recovery and extend it to the stabilization of people's livelihood

Dec. 9, 2025

Finance ministry to launch task force to address weaker won, stabilize FX market

The finance ministry is working to set up a task force charged with devising measures to respond to the weakening local currency, in cooperation with exporters, securities firms and relevant authorities, officials said Tuesday. The new team under the ministry's international finance bureau comes as the Korean won has remained weak, staying well below the closely watched level of 1,450 won per U.S. dollar and nearing its lowest point since 2009. The decline has been partly driven by local investo

Dec. 9, 2025

Presidential office calls for implementation of preventive measures after Coupang's data breach

The presidential office on Monday called for the swift implementation of measures to prevent secondary damage following a massive personal data leak from e-commerce giant Coupang. Kang Hoon-sik, the presidential chief of staff, made the call during a meeting with senior aides, as public concern continues to grow over the breach by the U.S.-listed company, which affected more than 30 million users. "There are concerns that the leaked personal information could be exploited for online scams or una

Dec. 8, 2025