SEJONG -- South Korea’s economic policymakers are likely to adopt another round of contingency plans to minimize possible instability in consumer prices, as the OPEC+ has decided to curb oil production. The oil cartel’s decision comes after some local policymakers and market insiders claimed that Korea’s inflation was considered to have peaked in July, when consumer price growth posted 6.3 percent. At a meeting in Vienna on Wednesday, the OPEC+ publicized its plan to reduce c

South Korea’s foreign exchange reserves shrank by nearly $20 billion in September, the biggest monthly decline in 14 years, as authorities double down on efforts to prop up the quickly depreciating won that is now at a 13-year low against the US dollar. According to Bank of Korea data on Thursday, the reserves stood at $416.77 billion at the end of September, down $19.66 billion from $436.43 billion in August. That is the largest monthly dip since October 2008, when reserves fell by $27.4

South Korea's foreign reserves shrank at the fastest pace in about 14 years last month as authorities unloaded dollars to stall the local currency's excessive slide against the greenback, central bank data showed Thursday. The Bank of Korea (BOK), however, dismissed worries that the country's foreign reserves might not be sufficient enough to defend the won down the road and brace for a financial crisis. The country's foreign reserves had stood at $416.77 billion as of end-Se

South Korea’s consumer prices eased in September for a second straight month, but the annual price increase is expected to stay as high as three times what the Bank of Korea sees as acceptable, the central bank said Wednesday, sharply increasing expectations of another 50 basis point rate hike next week. According to Statistics Korea data on Wednesday, the September consumer price index rose 5.6 percent from the same month a year earlier, down from 5.7 percent in August, when it slowed for

Foreign direct investment (FDI) pledges to South Korea rose 18.2 percent on-year during the first nine months of this year on the solid growth in investment in such advanced sectors as chips and batteries, the industry ministry said Wednesday. The country received $21.52 billion worth of FDI commitments during the January-September period, compared with $18.21 billion logged a year earlier, according to the data by the Ministry of Trade, Industry and Energy. It marked the highest amount ever for

South Korea's exports are expected to worsen in the fourth quarter of the year amid a global economic slowdown, a trade body said Wednesday. The Korea International Trade Association (KITA) said its export business survey index stood at 84.4 for the October-December period, down from 94.4 three months earlier and staying below par for three consecutive quarters. The index came to 96.1 in the second quarter of the year, falling below the benchmark 100 for the first time in two years. A readi

South Korea's consumer prices grew at a slower pace on-year for the second consecutive month in September on the back of slowed growth in prices of oil and agricultural products, data showed Wednesday, in yet another sign that inflation may have peaked. Consumer prices, a key gauge of inflation, rose 5.6 percent last month from a year earlier, slowing from a 5.7 percent rise in August, according to the data from Statistics Korea. In July, consumer prices increased at the fastest pace in alm

Countries with high income inequality and national debt have reported more COVID-related deaths in the first year of the pandemic, a report showed Tuesday. Of the 38 Organization for Economic Cooperation and Development member nations, those with a high Gini coefficient -- a gauge of economic inequality such as levels of income -- and high national debt saw the most deaths from COVID-19 in 2020, a report released by the Korea Institute of Public Finance said. “Our research showed that if

Financial authorities plan to launch a stock market stabilization fund as part of efforts to counter downswings amid growing worries over global financial tightening and slowing economic growth, industry sources said Tuesday. Consultations are ongoing among relevant agencies with an aim to complete preparations for the launch of the around 10 trillion-won ($7 billion) fund within this month, according to the sources. The move comes as stock markets here have nose-dived this year on worries over

One-person households increasingly tightening belts, setting average retirement savings goal of W770m

Finance Minister Choo Kyung-ho elected chair of 2023 ADB meeting in Songdo

President Yoon Suk-yeol said Friday the government will take necessary and timely steps to protect the people against increasing financial volatility. Yoon made the remark while presiding over a macrofinancial meeting with government and business officials, citing an "unprecedentedly strong dollar" and the US Federal Open Market Committee's decision last week to raise the interest rate. "The level of shock from the crisis that began from external factors will depend on how we

Combined assets held by 100 individuals worth W2.52tr, or 206 homes each

South Korea's tax revenue increased 41 trillion won ($28.8 billion) in the first eight months of this year compared with a year earlier as the collection of corporate and income taxes rose, the finance ministry said Thursday. Tax revenue amounted to 289.3 trillion won in the January-August period, compared with 248.2 trillion won the previous year, according to the ministry. In August alone, the government collected 28.3 trillion won in tax revenue, up 3.7 trillion won from a year ago. Sout

The European Chamber of Commerce in Korea (ECCK) on Wednesday called for South Korea to consider revising regulations on electric vehicles and several other key sectors to provide more procedural clarity and flexibility in line with international standards. The ECCK made the recommendations to the South Korean government in its latest annual white paper for this year, which contains a total of 96 comments on the regulatory issues across 18 industries, including automotive, energy and environment