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Speaking at an emergency economic policy meeting on Thursday, South Korea President Moon Jae-in on said the government is drafting the fourth supplementary budget of this year of 7.8 trillion won ($6.58 billion), per Reuters.

The new outlays will be used for cash payments to small businesses as well as to households for paying mobile phone bills, Moon said.

Last week, the South Korean Finance Ministry ramped up spending plans for the next few years to cushion the economic blow from the coronavirus pandemic.

Market reaction

The South Korean won (KRW) fails to benefit from the stimulus news, as USD/KRW holds the higher ground above 1,185, modestly flat on the day.