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Finance

Bank of Korea raises policy rate to 3.00 percent by 25 basis points on inflation, housing price risks

The Bank of Korea raised its policy interest rate by 25 basis points to 3.00 percent from 2.75 percent, citing stronger-than-expected growth supported by solid exports and a recovery in domestic demand. It said inflation pressures continue and financial imbalance risks have risen, including Seoul-area home prices and household debt. The central bank lifted its growth forecasts and kept open the possibility of further rate hikes.

Finance

Race to pre-empt won stablecoin as third financial hub nears

South Korea\'s financial authorities raised their target for household loan growth this year and NH Nonghyup Bank resumed variable-rate mortgage lending, drawing attention to whether mortgage hurdles will fall across the sector. COFIX rose for a fourth month, increasing borrowers\' interest burdens. Financial support for mid-to-low credit borrowers and small businesses is spreading, while the government and regulators advance plans tied to regional finance hubs and debate over a won stablecoin shifts toward payment, distribution and custody infrastructure.

Finance

South Korean banks\' won loan delinquency rate falls to 0.56 percent in June

South Korean banks\' won-denominated loan delinquency rate fell to 0.56 percent at end-June from 0.67 percent a month earlier, the Financial Supervisory Service said. It was still 0.04 percentage points higher than a year earlier. Newly delinquent loans totalled 2.6 trillion won in June, while bad-loan disposals jumped to 5.3 trillion won. The regulator warned delinquency rates could rise again amid economic uncertainty.