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  • Economy

    Korean won rebounds from 17-year real-value low

    The Korean won has surged to become the best performing major currency against the dollar this month, buoyed by exporter dollar sales and the Bank of Korea's first policy rate increase in three and a half years, the data showed Sunday. The won gained 6.24 percent against the dollar from July 1 through Friday, the biggest advance among 20 major currencies tracked by Yonhap Infomax. The Australian dollar and Russian ruble were the next best performers, each rising 0.9 percent. The rally stands out against a backdrop of broad dollar strength. The U.S. dollar index has remained above 101, as geopolitical tensions between the United States and Iran sustained demand for safe-haven assets. The Korean currency strengthened to 1,458.5 won per dollar in trading that ended at 6 a.m. Saturday, with the exchange rate falling 15.7 won from the previous session. The advance marks a sharp turnaround from June, when the exchange rate touched an intraday high of 1,555.2 won per dollar. The won's inflation-adjusted value fell to its lowest level in more than 17 years. Its real effective exchange rate stood

    2 MIN READBy Lee Yeon-woo
    Korean won rebounds from 17-year real-value low
  • Economy

    Foreign currency deposits rise for 3rd month in June

    1 MIN READBy Yonhap
    Foreign currency deposits rise for 3rd month in June
  • Economy

    Banks push back against proposed no-fault compensation for voice phishing victims

    2 MIN READBy Park Han-sol
    Banks push back against proposed no-fault compensation for voice phishing victims
  • Economy

    Customs agency uncovers $4.92 bil. worth of illegal FX trading in H1

    1 MIN READBy Yonhap
    Customs agency uncovers $4.92 bil. worth of illegal FX trading in H1
  • Economy

    Seoul shares turn lower late Monday morning on tech slide

    1 MIN READBy Yonhap
    Seoul shares turn lower late Monday morning on tech slide
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Economy

Gov't freezes price caps on fuel products for 4th straight time

The government froze the price ceilings on fuel products for the fourth consecutive time Thursday, amid lessening volatility in global crude prices and a relatively stable supply of oil entering the country. Maximum prices for regular gasoline, diesel and kerosene supplied to gas stations by local oil refineries will remain unchanged at 1,934 won ($1.28), 1,923 won and 1,530 won per liter, respectively, for the next two weeks, according to the Ministry of Trade, Industry and Resources. It marks the fourth consecutive time the government maintained fuel price caps at the current level. Despite some upward pressure on fuel prices, the ministry said it has made the decision as global oil prices, while fluctuating around a relatively high range of $100 per barrel, have not changed much over the past two weeks due to an impasse in peace negotiations between the United States and Iran. It also considered rising inflationary pressure due to higher energy prices, which increase the financial burden on people's livelihoods. In April, Korea's consumer prices rose 2.6 percent from a year earlier, th

May 21, 2026By Yonhap
Gov't freezes price caps on fuel products for 4th straight time
Others

KOSPI soars more than 8% on Samsung wage agreement, Nvidia earnings beat

The benchmark KOSPI staged a strong rebound Thursday, rising more than 8 percent in a single session on the back of a labor agreement at Samsung Electronics and Nvidia’s better-than-expected earnings results. The index opened at 7,486.37, up 277.42 points, or 3.85 percent, and extended gains throughout the session to close at 7,815.59, up 606.64 points, or 8.42 percent. It was the KOSPI’s strongest daily advance in 34 trading sessions since an 8.44 percent jump on April 1 and marked the index’s sixth-largest one-day gain on record. The KOSPI had briefly topped the 8,000 mark intraday on May 15 before tumbling amid heightened market volatility. After two straight sessions of losses, the benchmark index rebounded sharply. Shares of Samsung Electronics also surged 8.51 percent to close at 299,500 won ($199), helping lift overall market sentiment. The firm's management and labor unions reached a tentative wage agreement late Wednesday, preventing a planned strike at the world’s largest memory chipmaker. Positive momentum was also fueled by overnight gains on Wall Street, particularly a

May 21, 2026By Jun Ji-hye
KOSPI soars more than 8% on Samsung wage agreement, Nvidia earnings beat
Economy

Korea’s K-food exports keep rising, defying global shipping strains

Korea’s food exports are climbing steadily even as war-driven disruptions in the Middle East force exporters to reroute shipments, absorb higher logistics costs and rebuild supply chains in real time. The Ministry of Agriculture, Food and Rural Affairs said Thursday that cumulative K-food exports reached 5.38 trillion won ($3.58 billion) through April, up 4.7 percent from $3.42 billion a year earlier. Instant noodles remained the dominant export category at $616.6 million, followed by confectionery at $265 million, beverages at $236.7 million and processed rice products at $101.2 million. Fresh fruit exports also rose, led by strawberries at $57.4 million, grapes at $17.5 million and pears at $7.7 million. Officials said exports to the Gulf region surged 37.6 percent to $159.7 million despite the ongoing regional conflict and higher shipping and insurance costs tied to instability in Middle Eastern waters. Exports to the United States rose 8.9 percent, while shipments to China increased 15.5 percent. The European Union posted an 8.7 percent gain and Latin America rose 13.6 percent. The m

May 21, 2026By Lee Kyung-min
Korea’s K-food exports keep rising, defying global shipping strains
Policy

Head of financial regulator vows to overhaul lending system for low-credit borrowers

As part of the government’s broader push to expand access to mainstream lending for vulnerable and lower-credit borrowers, the Financial Services Commission (FSC) is set to launch a task force next month aimed at reshaping a finance system that has long favored super-prime clients, its chairman said Thursday. During a press conference, FSC Chairman Lee Eog-weon said government efforts have so far focused largely on emergency relief measures for people pushed outside the institutional lending system, including state-led debt relief programs and credit forgiveness initiatives. “But now, we plan to go a step further. We want to address the underlying structures that continue to create these social and economic vulnerabilities in the first place,” he said. The task force will be divided into four working groups. Its agenda includes ways to embed inclusive finance more deeply into corporate governance — such as the appointment of chief inclusive finance officers — as well as reviewing whether rigid prudential regulations can be made more flexible to better support underserved borro

May 21, 2026By Park Han-sol
Head of financial regulator vows to overhaul lending system for low-credit borrowers
Economy

Harvesting diplomacy: Korea’s Africa rice initiative hits 10,000-ton milestone

A Korean-backed rice initiative in Africa has crossed a symbolic milestone, producing more than 10,000 tons of rice seed in just three years as Seoul deepens its push to position agricultural aid as a pillar of global food security. The Ministry of Agriculture, Food and Rural Affairs and the Rural Development Administration said Thursday that the K-Rice Belt project produced 6,365 tons of high-yield rice seed across seven African countries in 2025. The total exceeded this year’s target of 4,752 tons by 34 percent and marked a 79 percent increase from last year’s output of 3,562 tons. With this year’s harvest included, cumulative production under the program reached 12,248 tons since its launch in 2023, surpassing the 10,000-ton mark for the first time. The K-Rice Belt project is Korea’s flagship agricultural development assistance program aimed at strengthening food security in African countries with weak rice production infrastructure. Participating countries currently include Senegal, Gambia, Guinea, Ghana, Cameroon, Uganda and Kenya, with Sierra Leone newly added this year. Ugan

May 21, 2026By Lee Kyung-min
Harvesting diplomacy: Korea’s Africa rice initiative hits 10,000-ton milestone
Economy

'Criteria makes no sense': Frustration grows over fuel aid cutoff

Lee, a school teacher in her 30s living in Seoul's Yangcheon District, said she was surprised to learn she did not qualify for the government's fuel price relief payment for the bottom 70 percent income bracket. After checking her eligibility through a banking app, Wednesday, she found that she did not meet the criteria for the payout. "Teachers' salaries are not that high," Lee said. "I don’t understand how I ended up being classified in the top 30 percent income bracket. I think the assessment may have reflected my household's combined assets, but I have personal loans under my name. Honestly, I feel like I'm the one who should be receiving the support." The government on Monday began distributing a second round of fuel price relief payments to around 36 million people, or roughly 70 percent of the population in lower income brackets, as households grapple with high fuel costs amid the prolonged conflict in the Middle East. Eligible recipients receive between 100,000 won ($66) and 250,000 won depending on their region of residence, with larger payments going to residents in nonmetrop

May 21, 2026By Lee Hyo-jin
'Criteria makes no sense': Frustration grows over fuel aid cutoff
Economy

Korea's food exports up in January-April period on popularity of ramyeon, fruits

Korea's food exports increased nearly 5 percent from a year earlier in the first four months of this year, mainly driven by strong global demand for Korean instant noodle products and fruits, the agriculture ministry said Thursday. Outbound shipments of foodstuffs rose 4.7 percent on-year to $3.58 billion in the January-April period, according to the Ministry of Agriculture, Food and Rural Affairs. By item, exports of instant noodle products, or ramyeon, jumped 28.9 percent on-year to $620 million and overseas shipments of snacks went up 7.7 percent to $265 million. Shipments of beverages and processed rice products expanded 6.5 percent and 11.7 percent to $240 million and $101 million, respectively. Exports of fruits sharply increased, with shipments of strawberries rising 16.5 percent to $57.4 million, grapes soaring 25.5 percent to $17.5 million and pears surging 62.4 percent to $7.7 million. By destination, shipments to the United States climbed 8.9 percent on-year to $659 million, while exports to China added 15.5 percent to $523 million. Exports to the European Union gained 8.7 perc

May 21, 2026By Yonhap
Korea's food exports up in January-April period on popularity of ramyeon, fruits
Economy

KRX issues buy-side sidecar for KOSPI on sharp rise

The Korea Exchange (KRX) on Thursday activated a trading halt on the main bourse due to a sharp rally led by tech firms. A buy-side order in the Korea Composite Stock Price Index (KOSPI) futures was suspended for five minutes at around 9:23 a.m., according to the KRX. The benchmark KOSPI opened at 7,486, up 277.42 points, or 3.85 percent, and further extended gains. A buy-side sidecar is triggered when the KOSPI 200 Futures index increases 5 percent or more for at least one minute.

May 21, 2026By Yonhap
KRX issues buy-side sidecar for KOSPI on sharp rise
Economy

Seoul shares open sharply higher on US-Iran hope, Samsung wage deal

Korean stocks opened markedly higher Thursday on rising hopes for a possible peace deal between the United States and Iran, and an end to labor unrest at Samsung Electronics, triggering a buy-side sidecar. After starting 3.85 percent higher, the benchmark Korea Composite Stock Price Index (KOSPI) rose 277.42 points, or 5.27 percent, to 7,388.52 as of 9:30 a.m. As stocks extended gains, a buy-side order in the KOSPI futures was suspended for five minutes at around 9:23 a.m., according to the Korea Exchange. Overnight, U.S. stocks advanced as crude oil prices declined after reports that U.S. President Donald Trump said Washington was in the "final stages" of talks with Iran. The S&P 500 rose 1.08 percent, while the Dow Jones Industrial Average gained 1.31 percent. The tech-heavy Nasdaq composite added 1.55 percent. Investor sentiment improved after Samsung Electronics reached a tentative agreement with its labor union, easing concerns over a major strike that had been scheduled to begin Thursday at the world's largest memory chipmaker. Tech shares gained as U.S. chip giant Nvidia forecast se

May 21, 2026By Yonhap
Seoul shares open sharply higher on US-Iran hope, Samsung wage deal
Economy

Gov't to extend fuel tax cut through July amid consumer price pressure

South Korea plans to extend the fuel tax cut scheme by two months through the end of July amid growing inflationary pressure in the wake of the Middle East crisis, the finance ministry said Thursday. Finance Minister Koo Yun-cheol announced the measure during a meeting with related ministries on efforts to curb price increases, according to the Ministry of Finance and Economy. Under the plan, the current 15 percent tax cut on gasoline will remain in place through July 31, while a 25 percent cut on diesel will be maintained over the same period. South Korea introduced a price cap system on fuel products to address supply disruptions caused by the Middle East conflict in March, when it implemented the fuel tax cut program, which was originally scheduled to expire this month. "We believe the tax cut measure will help ease consumer price pressures," a finance ministry official said. In April, South Korea's consumer prices rose 2.6 percent from a year earlier, the fastest pace in 21 months. Prices of petroleum products surged 21.9 percent on-year, marking the sharpest increase since July 2022.

May 21, 2026By Yonhap
Gov't to extend fuel tax cut through July amid consumer price pressure
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