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Lenders set aside more bad reserves against chain of economic risks

Major banks in Korea are setting aside more bad debt reserves to cope with a chain of pandemic-induced economic pressures that are pushing more borrowers toward the possible risk of default. The default risks used to center on small business owners, whose sales plunged due to the spread of the COVID-19 virus and social distancing measures following the pandemic outbreak. These borrowers have been granted multiple delays by the government to repay their loans to date.

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