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The Korea Times

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Economy

Sat, June 10, 2023 | 16:13

Yoon's $40,000 GNI by 2027 goal seems unlikely prospect

Yoon's $40,000 GNI by 2027 goal seems unlikely prospect

The government faces a bumpy road in increasing gross national income (GNI) per capita to $40,000 as promised by President Yoon Suk Yeol during his five-year term, due to a prolonged economic slowdown.

Yi Whan-woo | 2023-06-09 16:18

Resurging household loans pose challenge for BOK's rate policy

Resurging household loans pose challenge for BOK's rate policy

Households are borrowing more money from banks again, adding to concerns over high household debt and creating headaches for the Bank of Korea (BOK) which is believed to be on track to end a credit tightening cycle.

Yi Whan-woo | 2023-06-09 08:17

Dollar remittance, foreign exchange rules to be eased

Dollar remittance, foreign exchange rules to be eased

The Korean government is set to increase the annual cap on foreign currency remittance that does not require additional documentation, up to $100,000 from July this year, from the current cap of $50,000.

Anna J. Park | 2023-06-08 16:27

Efficacy of loan transfer service remains questionable

Efficacy of loan transfer service remains questionable

The Financial Services Commission's (FSC) much-hyped loan transfer service appears to come with little efficacy, as those desperate to cut interest burdens cannot use it effectively because of tight debt service ratio (DSR) rules here.

Lee Min-hyung | 2023-06-08 16:10

Shutdown of last-resort lender unnerves cash-strapped people

Shutdown of last-resort lender unnerves cash-strapped people

The latest decision by the country's largest private lender to shut down business operations is prompting concerns that financially vulnerable people will have fewer places to a get a quick cash loan. According to industry sources, Thursday, OK Savings Bank recently submitted a request to the financial authorities seeking to acquire Rush and Cash, the No. 1 private money lend...

Yi Whan-woo | 2023-06-08 15:43

BOK to maintain restrictive policy amid uncertainties: report

BOK to maintain restrictive policy amid uncertainties: report

Korea's central bank said Thursday it will maintain its monetary tightening mode for a considerable time as inflation hovers persistently above its target level amid an economic slowdown.

2023-06-08 13:54

Korea to end consumption tax cut on passenger cars after 5 years

Korea to end consumption tax cut on passenger cars after 5 years

Korea will terminate the cut in the consumption tax on passenger cars starting next month, the finance ministry said Thursday, in an apparent move to make up for a recent decrease in tax revenue.

2023-06-08 11:22

OECD cuts Korea's 2023 growth forecast to 1.5% from 1.6%

OECD cuts Korea's 2023 growth forecast to 1.5% from 1.6%

The Organization for Economic Cooperation and Development (OECD) cut its 2023 economic growth outlook for Korea to 1.5 percent from 1.6 percent, Wednesday, despite an upward revision of its global economic outlook.

Yi Whan-woo | 2023-06-07 16:52

FSS, banks draw up 'three-step defenses' to prevent suspicious foreign remittance

FSS, banks draw up 'three-step defenses' to prevent suspicious foreign remittance

The Financial Supervisory Service (FSS), the state-run financial watchdog agency, and local banks have decided to prevent abnormal foreign remittances by strengthening internal control and procedural codes to heighten the monitoring of such transactions.

Anna J. Park | 2023-06-07 16:39

Korea, Israel sign $18 mil. investment deals on robot, mobility, advanced sectors

Korea, Israel sign $18 mil. investment deals on robot, mobility, advanced sectors

Korea and Israel signed deals on Wednesday to make joint investments worth around $18 million in robot and artificial intelligence projects as part of efforts to boost bilateral cooperation in advanced industry sectors, Seoul's industry ministry said Wednesday.

2023-06-07 15:47

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Top 10 Stories

1	Rising minimum wage burdens small biz owners: survey

2	IPO market regains vigor on bullish KOSPI

3	OpenAI explores investment opportunities in Korean startups: Sam Altman

4	China reaches out to Korean Assembly to counterweigh Yoon's bet on US

5	Resurging household loans pose challenge for BOK's rate policy

6	S. Korea may see rise in NK defectors as Pyongyang mulls reopening borders

7	SPC bolsters PR activities in US

8	Hyundai Motor partners with Spider-Man animation to envision future mobility

9	Japanese business leaders pledge to support Busan's Expo bid

10	Yoon's $40,000 GNI by 2027 goal seems unlikely prospect

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