NSP NEWS

Seoul Guarantee Insurance (SGI) announced on June 7 that it had signed an MOU to strengthen reciprocal cooperation on the global market with global credit insurers Allianz Trade and Coface at their France headquarters on June 6, respectively.

Last month, household loans in all financial sectors increased by 200 billion won, the first rebound since August last year.

Over half of the 76 domestic and foreign financial and economic experts have responded high level of household debt, rising repayment burdens, and possible bank run are considered the major risk factors in the Korean financial system.

It's been reported that South Korea's foreign exchange reserves went up by US$780 million year-on-year at the end of March due to the weakening of US dollar.

The Bank of Korea(BOK) said, “Next year’s growth rate is expected to be 1.7%, significantly lower than the previous estimate of 2.1%, and it is necessary to continue the interest rate hike for the time being.” In the 24th, the Monetary Policy Committee of BOK said, “We decided to raise the benchmark interest rate by 0.25%p from the current 3% to 3.25%.” Accordingly, the benchmark interest rate will be operated at the 3% level until the next decision.

Korea’s internet-only banks - KakaoBank and Kbank - have recently launched receiving products with an annual yield of 10 %.

It’s been reported that corporate loans given by big savings banks rose to the peak of 77%.

KakaoBank, a leading internet-only bank in Korea, is receiving a barrage of complaints from its employees who bought employee shares as the stock price of KakaoBank plunges more than 80% from the peak.

The Monetary Policy Board of the Bank of Korea (BOK) took a big step to increase the base rate to 3%, and BOK forecasted the next year’s economic growth rate would be under 2.1%, which was the last outlook.

It was found that the Industrial Bank of Korea (IBK), which should be supporting small and medium-sized businesses (SMEs), has engaged in the largest number of restrictive sales activities among other banks.