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Bank of Korea to expand purchase of bonds for companies with low credit
Posted : 2020-12-24 16:29
Updated : 2020-12-24 21:38
Min Jwa-hong, center, director general at the Bank of Korea s financial stability department, speaks during an online press conference at its headquarters in Seoul, Thursday. Courtesy of Bank of Korea
By Lee Min-hyung
The Bank of Korea (BOK) decided Thursday to extend its financing to a special purpose vehicle (SPV) for another six months to July 2021, a move to relieve companies with low credit from a liquidity squeeze induced by the prolonged coronavirus pandemic.
The central bank set up the SPV in July 2020 with the Korean Development Bank (KDB) and the Ministry of Economy and Finance. The central bank provided loans worth 1.78 trillion won for the SPV to purchase commercial papers and corporate bonds and help companies tackle the virus shock.
Posted : 2020-12-17 16:58
Updated : 2020-12-17 18:40
Bank of Korea Governor Lee Ju-yeol speaks during an online year-end press conference at its headquarters in Seoul, Thursday. Courtesy of Bank of Korea
By Lee Min-hyung
The third wave of coronavirus restrictions will pose a serious downward pressure on the nation s GDP growth in 2021, as the rapid rise of new infections is expected to drastically curb face-to-face spending next year, Bank of Korea (BOK) Governor Lee Ju-yeol said Thursday. The nation s social distancing measures have recently been toughened, and this is a signal that spending will likely show a sluggish trend next year, Lee told reporters during a year-end press conference.