Yeonggwang County Ranks First Nationwide in Local Government Depository Interest Income Rate

President Lee Jaemyung Highlights Fiscal Savings at National Meeting
Fiscal Management Institute Report Shows Yeonggwang County Achieved 4.7%
Yeonggwang County: "Redepositing at Higher Rates Boosted Interest Income"

Yeonggwang County Office Exterior View

On August 13, during a meeting on national fiscal savings held at the presidential office in Yongsan, President Lee Jaemyung instructed officials to review the possibility of publicly disclosing the interest rates of the depository banks operated by local governments nationwide. At this meeting, it was revealed by Jung Changsoo, head of the Fiscal Management Institute, that Yeonggwang County had achieved the highest interest income rate among local governments, at 4.7%.

According to a report released in April 2023 by the Fiscal Management Institute, which researches public finance innovation measures, the average interest income rate for local governments nationwide was 1.62%. In contrast, Yeonggwang County earned 5.6 billion KRW in interest income, resulting in an interest income rate of 4.7%, the highest recorded figure.

An official from Yeonggwang County stated, "When interest rates rose sharply in 2022, we terminated existing low-interest time deposits worth 100 billion KRW before maturity and redeposited the funds at higher current rates. Through proactive management of deposits and efforts to minimize idle funds, our interest income increased by 4 billion KRW compared to 2022." The official added, "However, the interest income rate calculated by the Fiscal Management Institute is an estimate based on the year-end balance rather than the actual average balance, so there may be some margin of error."

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