The Bank of Korea (BOK) will actively work to control inflation until it is confident prices are stabilizing towards its target, Governor Shin Hyun-song stated. Consumer prices are expected to remain high due to global energy prices and economic recovery.
The Bank of Korea (BOK) will actively work to control inflation until it is confident prices are stabilizing towards its target level, Governor Shin Hyun-song stated. Consumer prices are expected to stay high due to global energy price volatility and rising incomes.
Bank of Korea Governor Shin Hyun-song emphasizes the necessity of a key rate hike at the July 16 meeting to combat rising inflation, driven by the Middle East war and a weakening Korean won, despite a solid economic growth backed by semiconductor exports.
The Export-Import Bank of Korea (Exim Bank) will provide consulting cost support for small and medium-sized enterprises (SMEs) partnered with Samsung Electronics in Vietnam to secure renewable energy. An MOU was signed with Samsung Electronics and Partron, representing Samsung's partners, to enhance supply chain ESG capabilities and foster mutual growth.
The Bank of Korea's generative AI, 'BOKI', is transforming employee workflows by enabling quick data retrieval, document translation, and research assistance. Developed in-house for security, BOKI integrates with internal data platforms and offers features like an 'AI Press Officer', drawing global interest from other central banks.
The Bank of Korea is spending 30 million won to create an official portrait of former Governor Lee Chang-yong, sparking criticism for reviving authoritarian-era practices. Despite internal dissent, the central bank defends the tradition, citing similar practices in other major countries.
The Bank of Korea is expected to raise its 2024 GDP growth forecast to 2.5-2.6% from 2.0%, driven by strong semiconductor exports. Inflation forecasts are also rising due to Middle East tensions.
A potential strike at Samsung Electronics could reduce South Korea's economic growth by 0.5% this year, costing an estimated $20 billion, according to a Bank of Korea report. Unionized workers plan an 18-day strike starting Thursday.
SEOUL, May 12 (Yonhap) -- The chief of the Bank of Korea (BOK) has been elected ...
SEOUL, May 8 (Yonhap) -- Bank of Korea (BOK) Gov. Shin Hyun-song will depart for...
SEOUL, May 7 (Yonhap) -- The Bank of Korea (BOK) on Thursday assessed that inves...
Ryoo Sang-dai, senior deputy governor of the Bank of Korea, has signaled the possibility of a rate hike, citing better-than-expected economic growth of 1.7 percent in Q1 — the fastest quarterly expansion in 5 1/2 years — driven by strong semiconductor exports. This marks the first time a BOK monetary policy board member has indicated a shift away from rate cuts, with inflation potentially exceeding 2.2 percent. The central bank will hold its next policy meeting on May 28, chaired by new Gov. Shin Hyun-song.
New Bank of Korea Governor Shin Hyun-song and Finance Minister Koo Yun-cheol agreed Thursday to strengthen policy coordination amid heightened market volatility from the Middle East crisis. The officials cited rising risks to growth and inflation from the conflict and pledged to stabilize financial and foreign exchange markets. They also vowed to promote won internationalization through 24-hour FX trading and offshore won settlement systems.
New Bank of Korea Governor Shin Hyun-song and Finance Minister Koo Yun-cheol agreed Thursday to strengthen policy coordination amid heightened market volatility from the ongoing Middle East crisis. The officials underscored the need for coordinated monetary and fiscal policies given tensions between growth and inflation, with particular focus on foreign exchange market coordination.
The central bank chief outlined digital finance priorities while legislative debates continue over private stablecoin frameworks.
New Bank of Korea governor Shin Hyun-song supported CBDCs and deposit tokens in his first address, while stablecoins were notably absent from his remarks.
New Bank of Korea Gov. Shin Hyun-song was inaugurated Tuesday, vowing cautious monetary policy amid heightened uncertainties from the Middle East crisis. Taking over from Rhee Chang-yong, Shin cited rising oil prices pressuring inflation and growth, along with financial market volatility. The BOK held its benchmark rate at 2.5% for the seventh consecutive meeting earlier this month.
New Bank of Korea Gov. Shin Hyun-song was inaugurated Tuesday, vowing to pursue prudent and cautious monetary policy amid heightened uncertainties from the Middle East crisis. Shin succeeds outgoing Gov. Rhee Chang-yong for a four-year term. He warned that rising global oil prices from the Middle East war are increasing upward pressure on inflation while exerting downward pressure on economic growth, with heightened financial market volatility and accumulating financial imbalances persisting.
Outgoing Bank of Korea Gov. Rhee Chang-yong said achieving economic stability and growth through monetary and fiscal policy alone has become increasingly difficult, calling for a broader central bank role in addressing long-term structural challenges. Speaking at his farewell ceremony in Seoul, Rhee highlighted structural problems including excessive reliance on specific industries and polarization. He urged the BOK to go beyond monetary policy to become the nation's leading think tank on issues like education, housing, balanced regional development, youth employment and elderly poverty. His successor Shin Hyun-song begins his term Tuesday.
Outgoing Bank of Korea Gov. Rhee Chang-yong concluded his four-year term Monday, warning that achieving economic stability through monetary and fiscal policy alone has become increasingly difficult. Speaking at his farewell ceremony in Seoul, Rhee called for the BOK to expand its role beyond traditional central banking to address structural challenges like education, housing, regional imbalance, youth unemployment and elderly poverty. He highlighted achievements including bringing inflation to the 2 percent range and chairing the BIS Committee on the Global Financial System. Governor-designate Shin Hyun-song is set to take office Tuesday pending parliamentary approval.
