|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||Details|
|Republic of Korea||01 - Liquidity Support|
|Republic of Korea||01A - Short-term lending||International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 20 April 2020).||
No amount/estimate: (i) The Bank of Korea (BOK)is making unlimited amounts available through open market operations (OMOs); (ii) April 16, The BOK launched the Corporate Bond-Backed Lending Facility as a lending scheme providing loans to businesses, banks and non-bank financial institutions for up to 6 months.
|Republic of Korea||01B - Support policies for short-term lending||International Monetary Fund (IMF). https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 20 April 2020).||
No amount/estimate: The BOK has taken several measures to ensure continued accommodative monetary conditions and facilitate financial system liquidity. These include (i) Expanding the list of eligible OMO participants to include select nonbank financial institutions; (ii) Expanding eligible OMO collateral to include bank bonds and certain bonds from public enterprises and agencies; and (iii) temporarily reducing the minimum foreign exchange liquidity coverage ratio for banks to 70% (was 80%).
|Republic of Korea||01C - Forex operations||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 2 April 2020).||
No amount/estimate: Other measures taken to facilitate funding in foreign exchange include (i) raising the cap on foreign exchange forward positions to 50% of capital for domestic banks (previously 40%) and 250% for foreign-owned banks (was 200%), (ii) temporarily suspending the 0.1% tax on short-term nondeposit foreign exchange liabilities of financial institutions, and (iii) see (iii) in Measure 1B.
|Republic of Korea||02 - Credit creation||5,000,000,000,000||4,098,070,554|
|Republic of Korea||02A - Financial sector lending/funding||5,000,000,000,000||4,098,070,554||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 20 April 2020).||
To augment available funding for small and medium-sized enterprises (SMEs), the BOK increased the ceiling of the Bank Intermediated Lending Support Facility by a total of KRW5 trillion (about 0.26% of gross domestic product [GDP]).
|Republic of Korea||02B - Support policies for long-term lending||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 11 April 2020).||
No amount/estimate: The BOK lowered the interest rate to 0.25% (from 0.5% to 0.75%) and lowered the Base Rate by 50 basis points, from 1.25% to 0.75%.
|Republic of Korea||02C - Loan guarantees||OECD. https://www.oecd.org/coronavirus/en/ (accessed 20 April 2020).||
March 17: The National Assembly approved loans and guarantees for small businesses (Note that the amount is included in (ii.a) of Non-health under Measure 5) .
|Republic of Korea||03 - Direct long-term lending||89,300,000,000,000||73,191,540,092||OECD. https://www.oecd.org/coronavirus/en/ (accessed 20 April 2020).||
March 24, The government announced an additional financial support package of KRW100 trillion (USD80 billion) to boost local business and ease the financial burden on households and businesses: (i) expansion of financial loans and guarantees for SMEs and affected households and businesses (KRW58 trillion), (ii) creation of a bond market stabilisation fund (KRW20 trillion); and (iii) creation of a stock market stabilisation fund (KRW10.7 trillion; see also Measure 4).
|Republic of Korea||03A - Long-term lending|
|Republic of Korea||03B - Forbearance|
|Republic of Korea||04 - Equity support||10,700,000,000,000||8,769,870,985||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 1 May 2020). OECD. http://www.oecd.org/coronavirus/en/ (accessed 1 May 2020).||
March 24, The government announced the creation of a stock market stabilisation fund (KRW10.7 trillion).
|Republic of Korea||05 - Government support to income/revenue||40,000,000,000,000||32,784,564,431|
|Republic of Korea||05A - Health||2,100,000,000,000||1,721,189,633||OECD. https://www.oecd.org/coronavirus/en/ (accessed 20 April 2020); WTO. https://www.wto.org/english/tratop_e/covid19_e/trade_related_goods_measure_e.htm (accessed 20 April 2020).||
(i) March 17, The National Assembly approved the budget of KRW2.1 trillion for disease control, i.e., epidemic prevention and treatment, support for medical institution and quarantined people; (ii) April 14, No amount/estimate: Temporary elimination of import tariffs on surgical and sanitary masks and melt blown filters until June 30, 2020.
|Republic of Korea||05B - Non-health||37,900,000,000,000||31,063,374,798||OECD. https://www.oecd.org/coronavirus/en/ (accessed 20 April 2020).||
(i) February, The government announced emergency support of KRW 20 trillion for households and damaged industries, such as tourism and export industries; (ii) In March 17: The National Assembly approved (a) loans and guarantees for small businesses, indirect support of wage and rent for small merchants (KRW4.1 trillion), (b) consumption coupons for the poor, emergency family care and employment retention support (KRW3.5 trillion), and (c) support for issuing local gift certificate, local government grants for infection prevention (KRW1.2 trillion); (iii) March 31, The government announced an emergency relief payment plan of KRW9.1 trillion (USD7.4 billion) to address the virus outbreak. The government plans to pay relief checks to households in the bottom 70% income bracket (around 14 million households), of up to KRW1 million (USD820) per household. For this, a second supplementary budget bill will be submitted to the National Assembly in April; and (iv) No amount/estimate: Some local governments have announced cash support for people (a) Gyeonggi province announced KRW100,000 (USD82) to all residents, and (b) Seoul and Daejeon have a similar plan without specific criteria.
|Republic of Korea||06 - Budget reallocation|
|Republic of Korea||07 - Central bank financing government||1,500,000,000,000||1,229,421,166|
|Republic of Korea||07A - Direct lending & reserve drawdown|
|Republic of Korea||07B - Secondary purchase: government securities||1,500,000,000,000||1,229,421,166||IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 20 April 2020).||
The BOK is purchasing Korean Treasury Bonds (KRW1.5 trillion).
|Republic of Korea||08 - International Assistance Received||73,205,181,818,182||60,000,000,000|
|Republic of Korea||08A - Swaps||73,205,181,818,182||60,000,000,000||Federal Reserve Bank of New York. https://apps.newyorkfed.org/markets/autorates/fxswap (accessed 20 April 2020).||
The BOK opened a USD60 billion bilateral swap line with the United States (US) Federal Reserve.
|Republic of Korea||08B - International loans/grants|
|Republic of Korea||08B1 - Asian Development Bank|
|Republic of Korea||08B2 - Other|
|Republic of Korea||09 - International Assistance Provided||9,233,613,600,000||7,568,000,000|