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Finance

Economy

Mon, October 3, 2022 | 16:35

Gov't goes all out to curb won's sharp fall against dollar

The government is making all-out efforts to curb the won's sharp fall against the U.S. dollar, in a desperate bid to prevent a massive outflow of capital. This move comes as the value of the Korean won has dropped by about 20 percent against the dollar this year and concerns are growing over a possible shortage of foreign currency. The fiscal and monetary authorities as well ...

Yi Whan-woo | 2022-10-03 16:34

Fears of recession grow

Korea has reported a trade deficit once again for September, extending its losing streak for the sixth consecutive month, according to data from the Ministry of Trade, Industry and Energy. The rate of export increase came in as a single-digit figure last month, but the rate of import increase hit double digits, bringing the nation's monthly trade balance to a deficit of $3.77...

Lee Min-hyung | 2022-10-02 15:50

Trade deficit likely to hit record high of $48 bil. this year: report

Korea is expected to post a record high trade deficit of nearly $50 billion this year due to high global energy costs, a report by a private think tank showed Sunday.

2022-10-02 13:32

Seoul, Washington reaffirm cooperation on liquidity supply if needed

The finance chiefs from South Korea and the United States have reaffirmed that the two countries will cooperate to beef up liquidity facilities should financial market routs around the globe deepen, according to Seoul's finance ministry on Saturday.

2022-10-01 12:25

Exports up 2.8% in September; trade deficit extended for 6th month

South Korea's exports rose 2.8 percent on-year in September, but the country suffered a trade deficit for the sixth consecutive month on high global energy prices, data showed Saturday.

2022-10-01 11:20

Finance Minister Choo elected next chair of ADB annual congress

Finance Minister Choo Kyung-ho has been elected as the chair for next year's annual Asian Development Bank (ADB) conference, which is slated to be held in May. According to the Ministry of Economy and Finance, Friday, Choo was elected to take the chairmanship position for next year's annual ADB meeting during a two-day ADB annual congress held Sept. 28 and 29 in Manila, the P...

Anna J. Park | 2022-09-30 16:44

Is gov't too optimistic about Korea's economic condition?

Minister of Economy and Finance Choo Kyung-ho reiterated that he thinks that the possibility of the Korean economy having a major financial crisis is very low. During a meeting with reporters at the annual congress of Asian Development Bank (ADB) in the Philippines, Choo said that the current phase of soaring key interest rates cannot carry on in the long term.“Although no on...

Anna J. Park | 2022-09-30 16:40

Korean finance chief to chair ADB's annual meeting next year

Korean Finance Minister Choo Kyung-ho has been elected as chair of next year's annual meeting of the Asian Development Bank (ADB), his office said Friday.

2022-09-30 15:07

Yoon says gov't will take necessary steps against financial volatility

President Yoon Suk-yeol said Friday the government will take necessary and timely steps to protect the people against increasing financial volatility.

2022-09-30 13:48

Korea to hike natural gas prices in October

Korea will raise natural gas prices for civilian use next month amid high international gas prices, the industry ministry said Friday.

2022-09-30 11:14

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