Latest news with #ChaGyu-geun
Korea Herald
2 days ago
- Business
- Korea Herald
Political uncertainty falls below pre-martial law levels: BOK
The level of political uncertainty in South Korea has returned to levels seen prior to the martial law incident, following the recent presidential election, the central bank said Friday. According to data submitted by the Bank of Korea to Rep. Cha Gyu-geun of the Rebuilding Korea Party, the political uncertainty index stood at 1.5 as of June 4, the day after the election, in which Democratic Party candidate Lee Jae-myung defeated conservative rival Kim Moon-soo. The index, which had been around 0.4 in early December, spiked to a record high of 12.8 in mid-December, following former President Yoon Suk Yeol's surprising declaration of martial law on Dec. 3. Though the index rose slightly above 1 after the election, the BOK noted that such minor fluctuations are common in normal times and should not be interpreted as meaningful. The index is compiled by the BOK's research department by tallying the number of media articles that include both the keywords "politics" and "uncertainty" in their headlines or main text. It reflects relative values, with the long-term average from the beginning of 2000 set at zero, the BOK said. The previous record high was 8.8, recorded on March 17, 2004, following the passage of the impeachment motion against the late former President Roh Moo-hyun. The economic uncertainty index also fell to 1.2 as of June 4, a level similar to the 1.1 recorded on Dec. 3. The index had surged to 5.4 on Jan. 2 but gradually declined, reaching as low as 0.5 on May 15, the BOK said. "The political uncertainty that has weighed on the economy over the past six months is expected to ease significantly," BOK Gov. Rhee Chang-yong said at a press briefing last week. "Political factors are no longer having a meaningful impact on the won-dollar exchange rate." The Korean won had weakened sharply earlier this year, nearing 1,500 won per US dollar, largely due to the domestic political turmoil and concerns over the sweeping tariff measures under US President Donald Trump's administration. But it rebounded to its strongest level in about seven months Thursday, closing at 1,358.4 won per dollar. (Yonhap)
Korea Herald
16-03-2025
- Business
- Korea Herald
BOK rules out inclusion of bitcoin in foreign exchange reserves
The South Korean central bank has called for a "cautious approach" to an idea of including bitcoin as foreign exchange reserves given its price volatility, officials said Sunday. There have been discussions among lawmakers about the possible inclusion of cryptocurrencies in its strategic reserves after US President Donald Trump announced the establishment of a strategic bitcoin reserve and digital asset stockpile earlier this month. In an answer to a question by Rep. Cha Gyu-geun of the minor Rebuilding Korea Party, the Bank of Korea said it "has neither discussed nor reviewed the possible inclusion of bitcoin in foreign exchange reserves" and "a cautious approach is needed" to the matter. The BOK cited high volatility in bitcoin prices as a major reason. "In the case of cryptocurrency market instability, transaction costs to cash out bitcoins could rise drastically," the central bank said. Cryptocurrencies also do not meet the criteria for foreign exchange reserves set by the International Monetary Fund, such as liquidity, market value and credit rating, it added. (Yonhap)
Korea Herald
04-03-2025
- Automotive
- Korea Herald
Enhancing bank services, safety measure for electric cars
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. -- Ed. Proposed Bill: Partial Amendment to the Insurance Business Act Proposed by Rep. Cha Gyu-geun (Rebuilding Korea Party) ● This amendment mandates that stocks issued by affiliates of an insurance company and held by the company be valued at market prices rather than acquisition costs. It also sets a cap on the total value of these holdings, limiting them to 3 percent of the company's total assets. Proposed Bill: Partial Amendment to the Banking Act Proposed by Rep. Choi Eun-seok (People Power Party) ● To improve access to financial services in rural areas and enhance user convenience, this amendment permits non-financial institutions, such as post offices, to offer bank agency services. Pending Bill: Partial Amendment to the Financial Investment Services and Capital Markets Act Proposed by Rep. Yoon Han-hong (People Power Party) ● This amendment clarifies the duty of directors to protect shareholder interests by specifying that in the event of a merger, an essential business or an asset transfer, an all-inclusive stock swap or transfer, or a split or split and merger, the board of directors must make every effort to protect shareholders' legitimate interests. Competent authority: Ministry of Land, Infrastructure and Transport ● To address growing concerns about fire-related accidents involving electric cars, this bill requires domestic electric car manufacturers to obtain government safety certification for the batteries used in their vehicles before launching them on the market. ● To address a personnel shortage in the electrical construction industry, this amendment relaxes the requirements for intermediate electrical construction engineers by recognizing individuals without formal educational qualifications in the field but who have specialized work experience and expertise in electrical construction as qualified for the position of intermediate electrical construction engineers.
