S. Korea’s Pres. Moon: May consider supplementary budget to combat coronavirus impact

Dhwani Mehta FXStreet

South Korean President Moon Jae-in said on Monday, his government is considering deploying a supplementary budget to counter the negative economic impact of the coronavirus outbreak.

In a meeting with chief aides and medical experts, “in addition to swiftly deploying the emergency fund set aside, (the government) should review drafting up of a supplementary budget after coordinating it with the parliament."

This comes after South Korea's Centers for Disease and Control and Prevention (KCDC) reported 161 more confirmed virus cases on Monday, bringing the total to 763, as cited by Yonhap.

KRW renews six-month lows

The South Korean won (KRW) extended its steady decline vs. the greenback and refreshed a six-month low at 1,220.65 in the last minutes.

At the press time, USD/KRW trades at 1,219.75, up 1.10% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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