NSP NEWS

The Monetary Policy Board of the Bank of Korea (BOK) decided to cut the benchmark interest rate for the last time this year.

Bank of Korea (BOK) Governor Lee Chang-yong emphasized that the recent rise in credit spreads is an unavoidable cost to ensure financial stability.

With household loans from depository banks totaling KRW 959.2 trillion through the third quarter of this year, it is expected to exceed KRW 1,000 trillion by the end of the year.

In the third quarter of this year, our country’s economy grew by only 0.1%.

Shinhan Bank announced on the 17th that it signed a business agreement with Shinhan Card and China Bank of Communications at the Seoul branch of China Bank of Communications located in Jung-gu, Seoul on the 16th to introduce the ‘SOL Travel Card QR Payment Service’ in China.

This year’s second quarter real gross domestic product(GDP) recorded the largest decline since the fourth quarter of 2022.

In the first half of 2024, domestic banks in South Korea achieved a record-high interest income of approximately 30 trillion won.

In the first half of this year, the delinquency rate of the four major commercial banks(KB, Shinhan, Hana, and Woori) increased, and the successive hikes in home loan rates and expansion of corporate lending triggered an emergency in prudential management.

Last month, foreign exchange reserves increased by $1.3 billion(KRW 1.7784 trillion) compared to the previous month.

As private consumption and investment turned downward, the GDP in the second quarter decreased by 0.2% compared to the previous quarter.