South Korea
Korea regulator urges banks to lower deposit rates
The chairman of South Korea's regulatory Financial Supervisory Commission on Feb 21, 2001 called on banks to lower deposit rates.
Korea - BoK, FSS, KDIC to share information
The Korean Financial Supervisory Service, Bank of Korea and Korea Deposit Insurance Corp will start pooling their information on various financial matters. The three institutions will organize one consultative body to distribute financial information…
Korea c.bank head warns of overheating treasuries
Central Bank of Korea Governor Chon Chol-hwan said on Feb 16, 2001 the local treasury market was showing signs of overheating, comments analysts saw as a bid to shift interest to flagging corporate bond issues. Chon said in a statement the treasury…
Bank of Korea reduces short-term rate to 5%
The Bank of Korea lowered on Feb. 8, 2001 its key short-term-rate target by a quarter point, signaling the need to bolster the sagging economy had overtaken previous concerns about inflationary pressures. The central bank's monetary policy committee cut…
Bank of Korea says fake note cases doubled in 2000
Due to the fast spread of computer scanners and colour printers, the number of note forgery cases more than doubled in 2000, the Bank of Korea said on Feb 8, 2001.The number of note counterfeiting cases jumped to 160 in 2000 from 68 cases in 1999, the…
IMF urges South Korea to fine-tune fiscal reform
Despite meeting international standards, the government needs to work harder to improve its fiscal transparency by being more specific in its fiscal reports and by simplifying its tax system, the International Monetary Fund (IMF) said on Feb 6, 2001.The…
BOK head Chon hints at rate cuts in Feb. 2001
Chon Chol-whan, governor of the Bank of Korea (BOK), hinted on Jan. 29 that the central bank may slash the interest rate next month in a bid to bring the sliding economy to a halt. But, at the same time, he warned of "worrisome" high inflation for 2001,…
S. Korea to end certain exchange controls in 2001
The South Korean government will end restrictions on the amount of foreign currency travellers can take out next year, but those who carry more than US$50,000 should first secure Bank of Korea approval, the finance and economy ministry said Thursday.
Korea c.bank says holding rates for now
Korea may cut interest rates to ward off a sharp economic downturn but only if prices remain under control, Bank of Korea Governor Chon Chol-hwan said on Thursday.
Power strike won't affect payment systems-BOK
Money transfers and financial settlements will be unaffected by a strike threatened by Korea Electric Power Corp.'s union on Thursday, according to the Bank of Korea.
Economic integration in the Korean peninsula
Marcus Noland, senior fellow at the Institute for International Economics, has written a paper called "Economic Integration in Koreas: Prospect and Risks" for the ICAS autumn symposium 2000 in Washington, DC.
BOK head sees no capital flight next year
The implementation of the second-stage foreign exchange liberalisation plan next year is unlikely to lead to a sudden flight of domestic capital to foreign countries, Bank of Korea governor Chon Chol-hwan said yesterday.
South Korea economy heads for slowdown
South Korea posted a strong growth rate of 9.2% in the third quarter, but analysts warn that the economy could begin looking much weaker in the fourth quarter because of increased bankruptcies for debt-heavy companies and resulting job losses.
Korea's foreign exchange reserves jump to new high
Korea's foreign exchange reserves rose to a new high of $93.38 billion, Nov. 15, up $680 million from the end of October, the Bank of Korea said yesterday.
Bank of Korea says room for more demand management
The government needs to manage the nation's aggregate demand properly and improve its import-dependent industrial structure in order to keep the current account balance in the black, the Bank of Korea said yesterday.