Finance
Oil and forex risks mount as South Korea steps up internet bank IT controls
South Korea is facing compounded pressure from higher oil prices, a weaker won and rising inflation, with the won-dollar rate nearing 1,540 and oil product prices up about 10 percent from a year earlier. The central bank is expected to hold rates this month, but prolonged price and currency pressures could raise the possibility of a second-half hike. Authorities have tightened household debt controls and pushed market reforms, while the Financial Supervisory Service has urged stronger IT internal controls at internet banks.
