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Finance

Bank of Korea pauses rate hikes; focus turns to banks\' deposit and loan rates

The Bank of Korea kept its benchmark interest rate at 3.00 percent, but upward pressure on banks’ lending rates is expected to persist as the impact of earlier hikes feeds into funding costs and the possibility of further increases remains. Some brokerages forecast additional 0.25 percentage point hikes in November and February. COFIX, a key bank funding index, rose sharply in September, which could lift floating-rate mortgage costs and keep borrowers’ interest burdens elevated.

Finance

Financial sector hacking spreads, delays gain support for digital asset tax postponement

A string of hacking incidents in South Korea’s financial sector has led to confirmed personal data leaks at savings banks and mutual finance groups, prompting authorities to step up inspections and security requirements. Banks are moving to raise cybersecurity spending and expand fraud prevention systems using AI. Market volatility and a steep stock selloff also drew a policy response. Political debate intensified over postponing digital asset taxation and regulating exchange shareholders.

Finance

September COFIX rises to 3.43 percent, raising pressure on floating-rate mortgage borrowers

South Korea’s COFIX, a key benchmark for banks’ floating-rate loans, rose across the board for September. The new loans-based COFIX climbed 0.25 percentage points from a month earlier to 3.43 percent, potentially increasing interest burdens for floating-rate mortgage borrowers if the rise is reflected in lending rates. The balance-based COFIX rose to 3.15 percent and the new balance-based index increased to 2.79 percent.