Yoon Ho-jung: "Bank of Korea promised 8 trillion won investment last year but only delivered one-fifth... Lack of role"

Yoon Ho-jung, Emergency Response Committee Chairman of the Democratic Party of Korea, is attending the Emergency Response Committee meeting held at the National Assembly on the 21st and delivering a speech. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Park Cheol-eung] The Democratic Party of Korea criticized the Bank of Korea and the financial sector for their insufficient roles in overcoming the COVID-19 crisis.

Yoon Ho-jung, the Democratic Party's Emergency Response Committee Chairman and Floor Leader, stated at the 'Coexistence and Unification Forum' discussion held on the 21st under the theme "Overcoming the COVID-19 Crisis and a New Leap Forward: The Role of Finance," "The role of the Bank of Korea, which leads and supports finance, has been somewhat lacking," adding, "It was confirmed recently that only about one-fifth of the promised 8 trillion won capital injection last year was actually fulfilled."

He continued, "If the Bank of Korea actively supports not only quantitative easing but also qualitative easing and inclusive finance, like other central banks, finance will play an even more important role as an institution in overcoming the crisis."

Democratic Party lawmaker Roh Woong-rae also emphasized, "The Bank of Korea's base interest rate is 0.5%, but loan interest rates are around 3 to 4%. Shouldn't it be lowered by about 1 percentage point for small business owners and self-employed individuals? Isn't it necessary as a form of shared pain rather than state-controlled finance?" He also criticized, saying, "The financial sector earns tens of trillions of won annually but does not budge at all."

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