South Korea
Korea considering revaluation, W100,000 notes
Bank of Korea Governor Park Seung said on Sunday 11 January that after the general election in April, the central bank would propose a currency revaluation, and also issue W100,000-bills.
Limit foreign takeovers, says Korean central bank
The Bank of Korea expressed its concern over growth in foreign ownership in the country's financial system on 21 December and called on the government to delay the privatisation of banks so that domestic buyers could be found.
Korean central bank OKs reserves proposal
The Bank of Korea said on Thursday 11 December that it would agree to requests by the government to entrust part of the central bank's foreign exchange reserves to a newly proposed state-managed agency, according to a report by joonjang Ilbo. The bank…
Korea to be 'major financial player' - government
The Korean government believes it is emerging as a major financial player, reports the Korea Herald, with its plans to embark on more aggressive and large-scale fund management starting next year.
Korean cb, government differ on reserve management
A Korean presidential committee has said it will grant a soon-to-be-established corporation management control over about $20 billion in foreign reserves despite objections from the Bank of Korea, according to the Korea Herald. The BOK argued that the…
BOK opens up office in Beijing
The Bank of Korea said on Thursday 4 December thatit has opened a new office in Beijing, reports Chosun Ilbo. The BOK said it was the first foreign central bank to open an office there.
'Computerized' bank cards coming to Korea
The Bank of Korea said Monday, according to the Chosun Ilbo, that from next year integrated-circuit (IC) chips would replace magnetic strips in bank cards. Korea's Financial Supervisory Service said it plans to issue IC credit cards on a trial basis…
IMF: South Korea on road to recovery
The IMF has forecast growth rates of 4.75 percent in 2004 and 5.5 percent in 2005 for South Korea, according to CNN. The Fund's Asia-Pacific chief Joshua Felman said on Tuesday 18 November that the Korean economy was on its way to recovery, but stressed…
BOK chief brushes off inflation worry
Bank of Korea governor Park Seung said Monday 10 November at the BIS meeting in Bangkok, according to the Korea Herald, "It's true that Korea's foreign-exchange holdings have grown considerably this year, putting upward pressure on the money supply".
Interview with the Governor of the Bank of Korea
In an interview published by The Chosun Ilbo, Governor Park Seung of the Bank of Korea spoke at the central bank building about the problem with rising housing prices. "It is difficult to solve the property speculation issue fundamentally without drastic…
Magazine gives 'A Grade' to BOK chief
The US financial market monthly Global Finance has rated BOK Governor Park Seung as part of the highest "A group" of heads of global central banks, according to a report by Chosun Digital. A press release from the Bank of Korea said Federal Reserve…
Bank of Korea - Annual Report 2002
The Bank of Korea has published its Annual Report for the year ended 2002. During 2002, the Korean economy showed a favorable performance with its growth rate rising sharply, prices stabilizing within their target range, and the current account…
South Korea relaxes rules on credit cards
In a move designed to boost the recession-hit economy, South Korea relaxed credit card rules on Tuesday 30 September, according to AFP, allowing firms to extend the maturity of loans while putting off next year's deadline to bring their cash advances…
Report says Korean bank notes last longer
A report produced by the Bank of Korea says Korean bank notes are more durable than paper money from the USA, Canada and Britain, according to a report by Digital Chosun. The average durability of a W10,000 note was 54 months, much longer than the 18…
BOK announces coin campaign with UNICEF
The Bank of Korea has announced an agreement with UNICEF to support a coin collection campaign to raise funds for needy children in developing nations, the Korea Times reported.
Strikes may delay economic recovery: BOK chief
Bank of Korea (BOK) governor Park Seung said on Thursday 7 August that the central bank will keep a close eye on economic developments as there are both positive and negative signs present, reported the Korea Times. But if labour and risk management…
Global settlement bank CLS to recognise Korean won
The CLS Bank has said it recognises the Korean won as an eligible currency for the bank's settlement process in principle, according to The Korea Herald. Bank of Korea officials noted that the inclusion of the local currency as a CLS currency would free…
South Korea central bank sees economic recovery
Governor Park Seung of the Bank of Korea said on Friday 25 July, according to Reuters, that the economy could enter a recovery phase in the final quarter of this year but for the present, "our economy is in a very difficult spot", he added.
Korean parliament to push BOK reforms
The Korean parliament's Finance and Economy Committee was set to discuss revisions to the law governing the Bank of Korea on Wednesday after a sub-committee met Tuesday, according to a report by Yonhap News.
Korean deal on monetary board seats criticised
Two organisations that control two seats of the Bank of Korea's seven-member monetary-policy board, have criticized recent moves by the Ministry of Finance and Economy and the BOK to take over their rights to appoint board members, according to the Korea…
BOK faces dilemma in managing FX reserves
Korea's foreign exchange reserves topped the $130 billion mark according to the Bank of Korea. Representing a rise of $10.2 billion from $121.41 billion at the end of 2002, Korea Times reported.
BOK governor may get more say over board members
A draft bill may give the Bank of Korea more influence over the appointment of members to its monetary policy board, Dow Jones reports. The proposed bill would increase the number of members the governor, Park Seung, can recommend to the board.
Korean economy in serious condition: BOK governor
Governor Park Seung of the Bank of Korea said on Thursday 29 May that low growth and high unemployment pose a threat to the economy which has been heading toward a downturn since the third quarter of last year, according to the Korea Times.
BOK Governor discounts deflation risk
The Bank of Korea (BOK) governor Park Seung said on Thursday 22 May that there is little possibility of deflation at this point with the current heated real estate market, according to a report in the Korea Times.