S. Korean Pres. Moon: Will draw up second extra budget, give cash handouts as coronavirus relief
|South Korea’s President Moon Jae-in said on Monday, the government will offer emergency cash handouts to many families and unveil a second supplementary budget soon to cushion the economic blow from the coronavirus outbreak, per Reuters.
Further quotes
The cash payments will be made to all households except the top 30% by income.
The extra budget should receive parliamentary approval in April.
USD/KRW off 10-day lows
Despite the extra relief measures announced by President Moon, the Korean won failed to hold onto its recent recovery momentum and slipped from ten-day highs against the greenback, as the growing coronavirus fears weighed heavily on the Asian currency.
At the time of writing, USD/KRW rallies 1.15% to 1,225.70, having hit a ten-day low of 1,205.31 on Friday.
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