ID :
47849
Fri, 02/27/2009 - 07:04
Auther :
Shortlink :
https://www.oananews.org//node/47849
The shortlink copeid
BOK logs first net profit in 5 years in 2008
SEOUL, Feb. 26 (Yonhap) -- South Korea's central bank said Thursday it posted the first net profit in five years last year as the local currency's weakness against the U.S. dollar boosted the won conversion value of assets in foreign currencies.
The Bank of Korea (BOK) said it swung to a profit of 3.4 trillion won (US$2.25
billion) in 2008 from a 444.7 billion won loss the previous year.
The BOK logged a net loss for four consecutive years until 2007. The bank's
losses rose to 1.88 trillion won in 2005 before narrowing in 2006 and 2007.
The local currency plunged 25.7 percent to the dollar in 2008, becoming one of
the world's worst-performing currencies.
The Bank of Korea (BOK) said it swung to a profit of 3.4 trillion won (US$2.25
billion) in 2008 from a 444.7 billion won loss the previous year.
The BOK logged a net loss for four consecutive years until 2007. The bank's
losses rose to 1.88 trillion won in 2005 before narrowing in 2006 and 2007.
The local currency plunged 25.7 percent to the dollar in 2008, becoming one of
the world's worst-performing currencies.
