Suwon City Doubles Interest Income from Fund Management... Effect of Diversified Deposits

Suwon City Hall

Interest income from fund management in Suwon City, Gyeonggi Province, has more than doubled.

On the 20th, Suwon City announced that as of May 31 this year, interest income from fund management amounted to 9.305 billion KRW, an increase of 104.4% compared to the same period last year.

This fund management performance in Suwon City was effective because, after reviewing the revenue and expenditure flow this year, 90% of the funds were deposited across more than 50 accounts. Various products with maturities ranging from 30 days to one year were subscribed to, and liquidity was thoroughly managed through portfolio management.

Additionally, interest income from fund management was increased while minimizing the risk of early termination of time deposits. Currently, the average time deposit rate is maintained at 70%. Furthermore, there has been not a single case of early termination among the time deposits.

In a situation where corporate taxes from major corporations such as Samsung Electronics have sharply decreased by more than 200 billion KRW due to the semiconductor market downturn, the increase of over 4.2 billion KRW in interest income is expected to help secure financial resources.

A Suwon City official stated, "Depending on the fund management results in the second half of the year, interest income is expected to reach around 17.5 billion KRW, an increase of more than 50% compared to last year," and added, "We will continue to closely review revenue and expenditure and manage funds more efficiently to secure resources for the public welfare of citizens."

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