The South Korean central bank has decided to lend a total of 10 trillion won ($8.1 billion) to the country's banks and other financial institutions to help prevent a possible funding crunch amid the COVID-19 pandemic, media reported on Thursday
MOSCOW (Pakistan Point News / Sputnik - 16th April, 2020) The South Korean central bank has decided to lend a total of 10 trillion won ($8.1 billion) to the country's banks and other financial institutions to help prevent a possible funding crunch amid the COVID-19 pandemic, media reported on Thursday.
The Yonhap news agency reported that, according to the central bank's decision, borrowing financial institutions should put up prime corporate bonds with a credit rating of AA- or higher as collateral for receiving the financial aid.
According to the latest overall figures, South Korea has confirmed 10,613 COVID-19 cases with 229 fatalities and over 7,750 recoveries.
