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Bank of Korea Gov. Shin Hyun-song speaks to reporters in a press conference held in central Seoul on May 28. The central bank kept the rate steady at 2.5 percent, while signaling monetary tightening. [BOK]

BOK chief says policy direction is clear as bank raises growth forecast to 2.6%

Korea's central bank sharply raised its economic growth forecast for this year on Thursday, in a move that aligns with its signal of further interest rate hikes ahead, but held the benchmark interest rate steady at 2.5 percent.

2026.5.28

Shin Hyun-song, the head of the Monetary and Economic Department at the Bank for International Settlements, speaks at a conference held at the central bank in Seoul on Dec. 17, 2024. Shin has been tapped by President Lee Jae Myung on Sunday as the next governor to lead the Bank of Korea, [NEWS1]

President Lee taps BIS monetary head Shin Hyun-song to be next BOK governor

President Lee Jae Myung on Sunday tapped Shin Hyun-song, head of the Monetary and Economic Department at the Bank for International Settlements (BIS), as the new governor to lead the Bank of Korea (BOK).

2026.3.22

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The Bank of Korea's main branch in Jung District, central Seoul, on Aug. 12 [YONHAP]

Debt-to-GDP hit all-time high in of 47.2% Q1: BOK

Korea's government debt-to-GDP ratio hit an all-time high in the first quarter of this year at 47.2%, raising concerns about the rapid pace of public debt growth as the government looks to inject more fiscal spending to revive economic momentum.

2025.9.17

Quantum computer mockups are exhibited at Quantum Korea 2024 at Kintex in Goyang, Gyeonggi, on June 25. [NEWS1]

U.S. Commerce Dept. issues new export controls for quantum computing, chip making

The U.S. Commerce Department’s Bureau of Industry and Security released a new export control guideline on advanced technologies related to quantum computing and chip manufacturing, a measure designed to restrict technological availability to China.

2024.9.6

Bank for International Settlements General Manager Agustin Carstens, right, and Bank of Korea (BOK) Gov. Rhee Chang-yong in a forum held to discuss their collaborative effort on central bank digital currency at the BOK headquarters in central Seoul on Thursday. [NEWS1]

BOK's digital currency project aligns with future monetary system, says BIS chief

Korea needs to establish a digital infrastructure and regulatory frameworks for their central bank digital currency (CBDC) projects, says BIS General Manager Agustin Carstens.

2023.11.23

Financial Services Commission Vice Chairman Kim So-young, center, speaks during a press conference held on central bank digital currency project at the Bank of Korea office in central Seoul on Wednesday. [JOINT PRESS CORPS]

Financial institutions band together for Korean digital currency trial

The Bank of Korea (BOK), financial regulators and the Bank for International Settlements (BIS) will cooperate in testing the commercialization of Central Bank Digital Currency (CBDC) with the goal of developing a future monetary system.

2023.10.4

Containers stacked at a dock in the Port of Busan on Oct. 21. [YONHAP]

Korean companies get gloomier for fifth month in a row

Korean companies' optimism declined in October for the fifth month in a row.

2022.10.26

Bank of Korea Governor Rhee Chang-yong [BOK]

BOK Governor Rhee made director of BIS

Bank of Korea Governor Rhee Chang-yong has been named a director of the Bank for International Settlements (BIS), an international financial institution that serves as a bank for central banks.

2022.5.10

Manufacturers are starting to feel optimistic

Confidence among manufacturers hit a 27-month high as vaccinations promise to bring the world out of the Covid catastrophe.

2021.4.4