South Korean Pres. Moon calls for third extra budget amid coronavirus crisis

Dhwani Mehta FXStreet

At a press briefing on Wednesday, South Korean President Moon Jae-in said that his government will increase policy financing rescue package to 135 trillion won, from 100 trillion won.

Additional comments

Will create 40 trillion won fund to keep more Koreans in jobs.

Will increase subsidies for airlines, duty-free businesses to help them keep jobs.

Will create 500,000 jobs, help young Koreans find jobs.

Will prepare third supplementary budget.

USD/KRW holds the higher ground

USD/KRW keeps its range near daily highs of 1,237.25, unable to benefit from the extra stimulus plan drawn by the South Korean President.

USD/KRW Price Analysis: S. Korean won drops towards 3-week lows on a likely sharp GDP contraction

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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