North Korea was holding foreign exchange reserves of between $3 billion and $6.6 billion in 2014, but that dipped heavily after the country came under strict US-led sanctions in 2017, the Bank of Korea said Tuesday in its latest report. The report, which was largely based on estimations and assumptions because analysts lacked data from the isolated country, said the North’s holdings of US dollar...

Satellite imagery has shown vehicle activity at a North Korean missile site on the outskirts of Pyongyang, which could signal the imminent launch of missiles or missile engine tests, CNN said Sunday, citing US defense officials familiar with the latest assessment. Vehicles have been spotted at the missile research center in recent days, but they are not believed to be fueling missiles. The US of...

Cloudy weather, with a chance of rain or snow, is forecast for the coming Seollal holidays from Friday to Tuesday. Throughout the holiday, temperatures in Seoul will be mild, with highs reaching about 7 degrees Celsius on average, the Korea Meteorological Agency said Wednesday. Starting Monday, rain is expected nationwide, with Gangwon Province likely to see either rain or snow. Southern regions...

The Ministry of National Defense said Tuesday that its anti-piracy Cheonghae Unit will expand its operational range to cover the Strait of Hormuz, a narrow body of water between the Persian and Oman Gulf that sees millions of barrels of oil passing through it daily. “Given the heightened tensions in the Middle East, we’ve decided to field the anti-piracy unit to cover those additional areas to p...

South Korea is pressing ahead with its controversial plan to allow individual trips to North Korea by its own citizens, Seoul’s Unification Ministry confirmed Monday, reiterating that the US-led international sanctions in place against the North do not apply to tourism. “We are reviewing options on individual travel to North Korea,” a senior Unification Ministry official said. The ministry handl...

North Korea asked South Korea through the inter-Korean liaison office in December to tear down buildings at the inter-Korean resort town on the east coast near Kumgangsan, Seoul officials familiar with the matter said Thursday. Pyongyang requested Seoul do so by February this year. “I can’t confirm anything at the moment because the matter is under consultation between the two Koreas,” one offic...

South Korea is a sovereign country that dictates its own North Kore policy, Seoul’s Unification Ministry said Friday, in response to remarks by US Ambassador to South Korea Harry Harris that Washington should be consulted on potential cross-border tourism to Pyongyang. “The US has made it clear through many channels that it respects the sovereignty of South Korea, and our North Korea policy fall...

But, that is about 40 percent of the country’s minimum monthly wage in 2017. In 2022, soldiers will receive about 50 percent of the 2017 minimum wage, which is 676,100 won ($582) a month. The raise was one of President Moon’s key campaign promises. The hike in pay was one of reasons behind the record defense budget for this year, which stands at 50 trillion won, up from 40 trillion won in 2017. ...

Restricted military areas in South Korea, concentrated in regions adjacent to Seoul, will be opened up to the public for business development, the ruling Democratic Party of Korea said Thursday. The areas to be affected are mostly near Seoul in surrounding Gyeonggi and Gangwon provinces, and cover 77 square kilometers -- roughly 27 times the size of Seoul’s financial district of Yeouido. The are...

Defense Minister Jeong Kyeong-doo on Tuesday reiterated that South Korea stands fully prepared for any provocation by North Korea, amid growing speculation concerning Pyongyang’s “new strategic weapon.” Appearing on a radio channel operated by the ministry, he said the military is taking the situation seriously and is ensuring watertight military readiness for any emergency. “I’d say this with c...

The “new strategic weapon” North Korean leader Kim Jong-un mentioned could be an advanced intercontinental ballistic missile, Voice of America reported, citing multiple North Korea experts. “I think we could see something like solid fuel ICBM launch from North Korea. That doesn’t actually mean that they developed it by themselves,” Markus Schiller, who is an expert in mechanical and aerospace en...

Veterans or independence activists who fought against Japan during its occupation of the Korean Peninsula are eligible to file a legal complaint if they feel they were unlawfully denied decorations, the Seoul High Court said. According to judicial sources on Friday, the appeals court overturned an earlier ruling that refused to look into a claim, raised by a man on behalf of his deceased father,...

The ruling Democratic Party of Korea announced Thursday that retired Gen. Kim Byung-joo, a former deputy commander of the ROK-US Combined Forces Command, had agreed to join the party and run in the general elections in April. “Gen. Kim is a security expert with a vision for a strong armed forces. He knows the ROK-US alliance and international strategy better than anyone as he forged strong allia...

Following North Korean leader Kim Jong-un’s warning of a “new strategic weapon,” experts on Wednesday weighed in on the state of the regime’s veiled missile program for clues. Pyongyang has been trying to develop multiple-warhead intercontinental ballistic missiles and submarine-launched ballistic missiles, and the strategic weapon may be an upgrade of either of the two. Both of them could pose...

Gen. Park Han-ki, chairman of South Korea’s Joint Chiefs of Staff, was aboard the E-737 Peace Eye aircraft early Tuesday morning. Park communicated with key commanders from each branch of the armed forces and encouraged them to carry on their unwavering pursuit of “complete military readiness” during the 100-minute flight across the country. The top military officer thanked soldiers for their ser...