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Mon, March 30, 2020 | 17:05

Debate heating up over 'basic disaster income'

Debate heating up over 'basic disaster income'

Whether the government should offer cash handouts to citizens whose livelihoods have been disrupted by the COVID-19 outbreak is emerging as a key issue, with top policy makers and heads of municipal governments remaining far apart over what some claim is a” vote-seeking, populist move” ahead of the general election.

2020-03-29 17:57

Korea calls for allocation of Special Drawing Rights

Korea calls for allocation of Special Drawing Rights

Finance Minister Hong Nam-ki called on the International Monetary Fund to consider allocating Special Drawing Rights (SDR), an international reserve asset, to provide global liquidity amid the rapidly spreading coronavirus pandemic. Hong made his case in a video conference of the International Monetary and Financial Committee, the governing body of the IMF, which was held Fri...

2020-03-28 10:46

Market unresponsive to BOK's move for quantitative easing

Market unresponsive to BOK's move for quantitative easing

The nation's short-term money market has remained volatile despite the Bank of Korea (BOK)'s unprecedented decision to funnel “limitless” cash into financial institutions. Following the announcement, the three-month commercial paper interest rate surged to 2.04 percent as of Thursday, up 0.17 percentage points from the previous day, according to the Korea Financial Investment...

2020-03-27 16:38

Consumer sentiment plummets due to virus spread

[INTERVIEW] 'This is the fastest recession ever'

[INTERVIEW] 'This is the fastest recession ever'

Korea is advised to cut its key interest rate further and expand fiscal policy so as not to become an additional victim to the escalating fears from the coronavirus-driven economic shock, Antonio Fatas, economics professor at INSEAD said Wednesday. He warned that a potential global recession triggered by the COVID-19 pandemic will arrive much sooner than expected as its econo...

2020-03-26 17:08

Bank of Korea to supply 'unlimited liquidity' via repo program

Bank of Korea to supply 'unlimited liquidity' via repo program

The Bank of Korea (BOK) said Thursday it will supply “unlimited liquidity” to financial firms for the next three months by purchasing local bonds to help avoid a possible credit crunch to buoy the sagging economy battered by the coronavirus pandemic. This is the first time that the central bank has introduced such a measure, viewed as the Korean version of quantitative easing...

2020-03-26 17:05

Lendit CEO to take part in gov't innovation efforts

Lendit CEO to take part in gov't innovation efforts

Kim Sung-joon, the head of peer-to-peer lending platform Lendit, is set to play a role in government innovation efforts, as a member of a presidential committee.

2020-03-26 16:20

BOK to supply 'unlimited' amount of liquidity for 3 months to keep virus-hit economy afloat

BOK to supply 'unlimited' amount of liquidity for 3 months to keep virus-hit economy afloat

The Bank of Korea (BOK) said Thursday that it will supply an "unlimited" amount of liquidity over the next three months to financial institutions to help prevent a credit crunch caused by the coronavirus pandemic. "The Bank of Korea decided to provide an unlimited amount of liquidity to financial firms to help minimize the economic fallout from the spread of COVID-19 and remo...

2020-03-26 10:14

Calling for financial support

Calling for financial support

Prime Minister Chung Se-kyun, second from right, speaks during a meeting with heads of financial industry lobby groups at the Korea Federation of Banks headquarters in Seoul, Wednesday. The lobby groups agreed to help the government inject 100 trillion won ($79 billion) in rescue funding for corporate relief. From right are Financial Supervisory Service Governor Yoon Suk-heun...

2020-03-25 20:44

W100 tril. aid package set for economic stimulus

W100 tril. aid package set for economic stimulus

The government announced a 100 trillion won ($79 billion) economic rescue package Tuesday in a desperate bid to protect companies hit by the fallout from the coronavirus pandemic and prevent the concurrent economic turmoil from escalating into a financial crisis. The amount, which was agreed upon at the second meeting of the Emergency Economic Council chaired by President Moo...

2020-03-24 16:58

Olympics delay could be opportunity for currency swap

Olympics delay could be opportunity for currency swap

A possible postponement or cancellation of the 2020 Tokyo Olympics could serve to offer momentum for Korea to resume talks with Japan regarding a bilateral currency swap deal, according to domestic economists, Monday.

2020-03-24 15:42

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