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BOK to lend 10 tln won to financial firms

Finance 15:53 April 16, 2020

SEOUL, April 16 (Yonhap) -- South Korea's central bank said Thursday it will make special loans to local banks and other financial institutions to help fend off a possible funding crunch due to the coronavirus outbreak.

The special lending facility of up to 10 trillion won (US$8.1 billion) will last three months and borrowing institutions should put up prime corporate bonds with a credit rating of AA- or higher as collateral, the Bank of Korea said.

yskwak@yna.co.kr
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