The South Korean government today unveiled a supplementary budget proposal worth KRW11.7trn, including KRW8.5trn (0.4% of GDP) in new spending. Analysts at ANZ Research continue to expect the Bank of Korea (BoK) to cut its policy rate to complement the fiscal push. Key quotes “The BoK today held an emergency meeting following the US Fed’s unscheduled 50bps rate cut overnight, but opted not to pursue a rate move of its own.” “The escalating COVID-19 outbreak and the associated rise in growth risks and pressure for a coordinated global response will make it difficult for the BoK to stay on the sidelines for long, in our view.” “Unless the virus outbreak shows clear signs of peaking in the coming weeks, we continue to believe that a further rate cut by April to complement the fiscal push is more likely than not.” “The South Korean government last week signalled plans for a supplementary budget and today unveiled more details. The proposed budget is worth KRW11.7trn, and comprises KRW8.5trn (0.4% of 2019 GDP) in new spending and KRW3.2trn for a tax shortfall.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/JPY Price Analysis: Set-up remains tilted in favour of bearish traders FX Street 2 years The South Korean government today unveiled a supplementary budget proposal worth KRW11.7trn, including KRW8.5trn (0.4% of GDP) in new spending. Analysts at ANZ Research continue to expect the Bank of Korea (BoK) to cut its policy rate to complement the fiscal push. Key quotes “The BoK today held an emergency meeting following the US Fed’s unscheduled 50bps rate cut overnight, but opted not to pursue a rate move of its own.” “The escalating COVID-19 outbreak and the associated rise in growth risks and pressure for a coordinated global response will make it difficult for the BoK to stay on the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
