Latest news and articles about Korean economy from NEX English
The energy crisis in South Korea is escalating due to the ongoing conflict in the Middle East, prompting President Yoon Suk-yeol to implement emergency measures to ensure supply stability. These measures include importing Russian naphtha despite existing sanctions.
Shin Hyung-sung, the candidate for the position of Governor of the Bank of Korea, emphasized the need for a flexible monetary policy to tackle the increasing risks stemming from the ongoing war in Iran. This statement was made during a press conference where he highlighted the government's plan for an additional budget to support low-income families affected by the crisis.
The Bank of Korea reported that the country's financial system remains stable overall, but warned that escalating tensions in the Middle East and structural weaknesses could increase risks in financial markets.