Governor Lee Ju-yeol Urges Active Risk Management in Preparation for Prolonged COVID-19 Pandemic

[Asia Economy Reporter Yoo Hyun-seok] Lee Ju-yeol, Governor of the Bank of Korea, urged the banking sector on the 22nd to "actively engage in risk management in preparation for the prolonged COVID-19 pandemic."

He made these remarks at a meeting with bank presidents invited by the Bankers Association of Korea, held at the Bankers Hall in Jung-gu, Seoul.

Governor Lee first expressed gratitude for the banking sector's participation in measures to overcome the COVID-19 crisis, such as support for small business owners and SMEs and stabilization of the credit market, then emphasized, "Since the COVID-19 situation may prolong, the banking sector must actively and creatively engage in risk management."

He also shared opinions on the challenges of finance in the 'post-COVID' era at the meeting.

The Bankers Association of Korea supplied 10.6 trillion won in funds to small business owners struggling due to COVID-19. Including this, over the past four months, it has provided new loans, maturity extensions, and interest repayment deferrals amounting to 101.1 trillion won to SMEs and small business owners.

Kim Tae-young, Chairman of the Bankers Association, said, "We will support SMEs and small business owners with a spirit of partnership, sharing an umbrella until the spread of COVID-19 stabilizes."

This meeting was organized by the Bankers Association to strengthen communication between the Bank of Korea and the banking sector and to broaden understanding of economic and financial issues. Governor Lee, Chairman Kim, presidents of 15 member banks, and heads of 4 related organizations attended.

This content was produced with the assistance of AI translation services.