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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

NH Nonghyup Bank to resume variable-rate mortgages in first sign of eased household loan curbs

NH Nonghyup Bank will resume handling variable-rate mortgage loans after a two-and-a-half-month suspension, marking an early move by banks to ease lending restrictions after the government loosened its household credit growth targets. The bank will restart new issuance of its variable-rate mortgage product, NH Mortgage Loan, from Aug. 20. It had restricted new lending from June 1 to manage total household loan volume.