South Korean President Moon Jae-in announced additional support to the economy as businesses and domestic demand devastated by the coronavirus pandemic. 36 trillion won of cheap loans will be available to exporters. Measures of 17.7 trillion won will be rolled out to boost consumption and domestic demands. The new measures are on top of the planned economic package of 100 trillion won announced in late March.
Separately reported by the central bank, Household loans rose a net 9.6 trillion won in March, highest jump since record began in 2004. That came after another record of 9.3 trillion won rise back in February. Mortgage lending rose a net 6.3 trillion won, slowed from February’s 7.8 trillion won.
