Latest data shows epidemic is depressing domestic demand and hitting supply chains. FMTNews SouthKorea
SEOUL: South Korea’s government said it’s seeking an 11.7 trillion won extra budget to help businesses hit by the world’s second-largest coronavirus outbreak, joining policymakers around the globe intensifying responses to the epidemic.
The Bank of Korea called an emergency meeting for early Wednesday, but no outcome has been announced yet. While multiple Asian central banks have lowered interest rates in response to the virus, the Bank of Korea took a more targeted approach, saying that channelling cheaper loans to businesses is a more effective way to handle the crisis for now.Some 10.3 trillion won worth of government bonds would be issued to fund the plan, raising the ratio of debt-to-gross-domestic-product to 41.2% from 39.8%.
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