Economy

Watchdog chief vows to root out illegal private money lenders

The chief of the country's financial watchdog said Thursday his agency will team up with other government agencies to root out illegal acts by private money lenders. In a forum, Lee Chan-jin, governor of the Financial Supervisory Service (FSS), said illegal money lenders continue to impose hefty interest rates on borrowers, undermining their daily lives. "We will work with the government to eradicate illegal money lenders. It is not just a problem facing individuals, but one that should be resolved by the whole society," Lee said. His remarks came as the number of complaints against loan sharks spiked, jumping to 14,316 in the first 10 months of the year, from 11,875 a year earlier, according to the FSS. Earlier, the Financial Services Commission said it will seek to revise related laws under which those that violate the 20 percent annual interest rate limit on their loans may face a maximum prison term of five years from the current three years or a maximum fine of 200 million won ($142,000) from the current 30 million won.

Nov 27, 2025By Yonhap

Watchdog chief vows to root out illegal private money lenders

Cryptocurrency

Upbit loses near $30.1 mil. in massive hacking attack

Korea's largest crypto exchange Upbit suffered a massive hacking attack Thursday, resulting in the loss of over 44 billion won ($30.1 million) in assets, the exchange operator said. In a notice to customers, Dunamu said it confirmed the transfer of 44.5 billion won worth of Solana-affiliated assets to an unauthorized wallet address at 4:42 a.m. and plans to cover the full amount with assets the company owns. Earlier in the day, the company said the total damage amounted to 54 billion won, but later revised the amount based on the price of the affected assets at the time of the incident. "The attack occurred on the 'hot wallet' operated by Upbit and no security breaches or extortion of assets happened with our cold wallets," the exchange operator said. Hot wallets store virtual assets online, while cold wallets store assets offline. As a follow-up measure, Dunamu said it has temporarily suspended virtual asset deposit and withdrawal services and is conducting a comprehensive security review. It also initiated an on-chain freezing measure, successfully freezing around 2.3 billion won worth o

Nov 27, 2025By Yonhap

Upbit loses near $30.1 mil. in massive hacking attack

Economy

FULL TEXT BOK statement on monetary policy decision in November

The Monetary Policy Board of the Bank of Korea decided today to leave the Base Rate unchanged at 2.50% for the intermeeting period. Along with inflation having risen somewhat, the economy continues to improve, driven by consumption and exports, while uncertainty in the growth outlook continues, and risks to financial stability also remain. The Board, therefore, judged that it is appropriate to maintain the current level of the Base Rate and to assess domestic and external policy conditions. The currently available information suggests that although the global economy is expected to slow due to the tariff policies of the United States, the pace of the slowdown is projected to be gradual, supported by eased U.S.-China trade tensions and by expansionary fiscal policies in major economies. Inflation trajectories are expected to diverge across countries. In global financial markets, long-term Treasury yields and the U.S. dollar index rose, and then partially reversed, influenced by the changes in expectations of the U.S. Federal Reserve rate cuts and by fiscal conditions in major countries

Nov 27, 2025By Yonhap

[FULL TEXT] BOK statement on monetary policy decision in November

Economy

BOK raises 2026 growth outlook to 1.8% as exports show strength

The Bank of Korea (BOK) on Thursday nudged its 2025 economic growth forecast for the country upward to 1 percent from 0.9 percent, and raised its 2026 projection to 1.8 percent from 1.6 percent, citing resilient exports and a gradual recovery in domestic demand. The improved growth outlook underpinned the central bank's decision to hold its benchmark rate at 2.5 percent in its final policy meeting of the year. Concerns over currency instability and housing market imbalances also persisted. The rate has remained on hold since May, marking the fourth consecutive pause. The interest rate gap with the U.S. now stands at 1.5 percentage points at the upper bound of the Federal Reserve’s policy rate. "Following the conclusion of Korea-U.S. trade negotiations and a robust global semiconductor cycle, growth in exports and facility investment is likely to exceed earlier expectations," BOK Gov. Rhee Chang-yong told reporters. "Expansionary fiscal policy and improving economic sentiment are also expected to accelerate the pace of recovery." The central bank now sees this year's current account sur

Nov 27, 2025By Lee Yeon-woo

BOK raises 2026 growth outlook to 1.8% as exports show strength

Economy

Korea's older adults work longest hours among OECD members

Kim Eun-hui, 57, took voluntary retirement earlier this year after her company offered an early exit package. Now, she's searching for part-time work close to home. "If I had declined that offer, they would have fired me anyway," she said to The Korea Times. "I tried to find another stable job, but given my age, it wasn't easy." Kim estimates she'll need to work for at least five more years — until her two sons graduate from college and find jobs. When asked how confident she felt about that timeline, she hesitated. "I didn’t realize how harsh the employment reality is," she said. "I now understand why so many people, even those without experience, end up starting their own small businesses." Her story reflects a broader trend in Korea, which has the highest rate of older adult employment among developed nations. In 2023, 37.3 percent of Koreans aged 65 and older were still working — well above the OECD average of 13.6 percent and even surpassing Japan's 25.3 percent, despite its earlier transition into a super-aged society. The average older adult wants to keep working until age 73

Nov 26, 2025By Lee Yeon-woo

Korea's older adults work longest hours among OECD members

Economy

Korean won further rises against US dollar on foreign equity buying, authorities' caution over FX volatility

The Korean currency strengthened against the U.S. dollar for the second consecutive session Wednesday, supported by foreign stock buying and renewed assurances from authorities that they will take measures to stabilize the foreign exchange market. The won was quoted at 1,465.6 per dollar as of 3:30 p.m., up 6.8 won from the previous session. It marked the second straight day of gains and the strongest level in a week. Earlier in the day, Finance Minister Koo Yun-cheol told a press conference that foreign exchange authorities are closely monitoring speculative trading and herd-like behavior in the market, vowing firm responses to excessive volatility. The message was the latest in a series of moves by the authorities to curb currency volatility as the won has remained well below the psychologically important 1,450-won level recently. On Monday, the currency fell to 1,477.1 won per dollar, its lowest level since April 9, when it closed at 1,484.1 won, the weakest in 16 years. In response, the finance ministry, the Bank of Korea (BOK), the National Pension Service (NPS) and the welfare minist

Nov 26, 2025By Yonhap

Korean won further rises against US dollar on foreign equity buying, authorities' caution over FX volatility

Economy

Gov't plans new NPS framework amid fund’s growing overseas investments, won’s sharp decline

The government plans to establish a new business framework for the National Pension Service (NPS) amid its growing overseas investments and the won’s sharp decline, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said Wednesday. As Koo explained, the framework is intended to ensure that the state-run pension fund not only fulfills its primary goal of optimizing investment returns but also contributes to stabilizing the currency market. However, he did not specify how the framework would achieve these dual goals, which may conflict, as NPS might need to sell its U.S.-denominated assets at the expense of returns to slow the won’s depreciation. Koo additionally emphasized that the framework should not be misperceived as a mere short-term tool to mobilize NPS in service of curbing the won’s decline. “We have launched discussions to establish a new framework for NPS to harmonize the fund’s profitability with foreign exchange market stability,” Koo said during a press conference at Government Complex Sejong. “We will discuss both short-term actions possible

Nov 26, 2025By Yi Whan-woo

Gov't plans new NPS framework amid fund’s growing overseas investments, won’s sharp decline

Others

Global investors reconsider Korea's rental market amid tighter regulations

Global institutional investors, including Morgan Stanley and major private equity firms, which have entered or were planning to enter Korea’s rental housing market, are reportedly reassessing their investments, with some even preparing to exit the market entirely, industry sources said Wednesday. The reassessment comes amid rising business uncertainty following the government’s Oct. 15 housing market stabilization measures, which significantly tightened regulations. Under the new rules, all of Seoul and 12 areas in Gyeonggi Province are designated as regulated zones, where new rental property acquisitions face higher acquisition taxes and are excluded from comprehensive real estate tax aggregation, among other restrictions. Global institutional investors have increasingly focused on the country’s rental housing market over the past three years. KKR, a leading global private equity firm, has secured prime sites in Seoul’s Yeongdeungpo and Dongdaemun districts, while London-listed Intermediate Capital Group holds strategic plots in the Gangnam and Jung districts. Morgan Stanley has

Nov 26, 2025By Jun Ji-hye

Global investors reconsider Korea's rental market amid tighter regulations

Policy

Stablecoin turf battle intensifies between FSC and BOK

Korea’s plan to introduce a regulatory framework for stablecoins by the end of the year is facing growing uncertainty, as disagreements emerge between the Financial Services Commission (FSC), the country’s top financial regulator, and the Bank of Korea (BOK) over key provisions, National Assembly officials and financial authorities said Wednesday. Stablecoins are digital currencies designed to maintain a stable value by being tied to central bank-issued currencies, such as the U.S. dollar, or to physical assets like gold. Tether (USDT) and USD Coin (USDC), both pegged one-to-one to the U.S. dollar, are among the most widely used stablecoins. The Assembly’s National Policy Committee had previously indicated its plan to bring stablecoins under the regulatory framework through the second stage of the Virtual Asset User Protection Act, which came into effect in July 2024. At Monday’s subcommittee meeting, however, the proposed bills outlining stablecoin oversight were removed from the agenda. With several unresolved issues still dividing the relevant institutions, prospects for the

Nov 26, 2025By Jun Ji-hye

Stablecoin turf battle intensifies between FSC and BOK

Economy

KOSPI's next rally hinges on tangible governance reform

Few years have been as remarkable for the KOSPI as 2025. The index began the year at 2,398.94, grappling with the political fallout from a failed martial law declaration, and has since surged by about 60 percent — making it the best-performing benchmark among G20 markets this year. Driving the rally is an unprecedented artificial intelligence (AI) boom, benefiting Samsung Electronics and SK hynix, two of KOSPI’s largest market-cap constituents. Also playing a significant role is the government’s push to improve corporate governance — which, according to APG Asset Management, had remained stuck in a framework dating back to the 1997 Asian financial crisis until as recently as May. The government’s campaign began under former President Yoon Suk Yeol in 2024 with the so-called "Corporate Value-Up Program." But real momentum has emerged under the administration of Lee Jae Myung, who took office in June following Yoon’s impeachment. Under the slogan "KOSPI 5,000," Lee pledged to redirect capital from real estate into equities, aiming to make investing more accessible and rewarding

Nov 26, 2025By Lee Yeon-woo

Foreign investors return to KOSPI buying, powering rally above 8,000

Rate hike seen as strongest tool to support won as FX measures lose impact

Fraudulent ChatGPT Pro charges spark alarm over unauthorized use of stolen card data

5 nations sign AI alliance pact to shape global tech rules

Korean won gains on renewed hope of U.S.-Iran peace deal, foreign net buying

Economy

Foreign investors return to KOSPI buying, powering rally above 8,000

Rate hike seen as strongest tool to support won as FX measures lose impact

Fraudulent ChatGPT Pro charges spark alarm over unauthorized use of stolen card data

5 nations sign AI alliance pact to shape global tech rules

Korean won gains on renewed hope of U.S.-Iran peace deal, foreign net buying

Read more

Watchdog chief vows to root out illegal private money lenders

Upbit loses near $30.1 mil. in massive hacking attack

FULL TEXT BOK statement on monetary policy decision in November

BOK raises 2026 growth outlook to 1.8% as exports show strength

Korea's older adults work longest hours among OECD members

Korean won further rises against US dollar on foreign equity buying, authorities' caution over FX volatility

Gov't plans new NPS framework amid fund’s growing overseas investments, won’s sharp decline

Global investors reconsider Korea's rental market amid tighter regulations

Stablecoin turf battle intensifies between FSC and BOK

KOSPI's next rally hinges on tangible governance reform

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