Jeollanam-do Achieves 17.5 Billion Won in Interest Income Through Efficient Treasury Management

Average Interest Rate of 3.36% in 2024
Ranks Third Among Metropolitan Governments for Strong Performance

Jeonnam Provincial Government Building Exterior View

On September 2, Jeollanam-do announced that it has been efficiently managing its treasury, achieving 17.5 billion won in interest income as of the end of July this year.

Since last year, Jeollanam-do has designated NongHyup Bank and Kwangju Bank as its primary and secondary treasury banks, respectively, for a three-year term, securing favorable interest rates compared to other local governments.

According to data released by National Assemblyman Han Byungdo, who obtained the "2024 Local Government Treasury Interest Rate Status" from the Ministry of the Interior and Safety, the national average interest rate stands at 2.87%, while Jeollanam-do’s average interest rate is 3.01%, ranking fourth among all metropolitan governments nationwide.

When considering only the main provincial office, excluding cities, counties, and districts, the rate rises to 3.36%, placing Jeollanam-do third among metropolitan governments nationwide.

Jeollanam-do also cited its efficient fund management as a key factor, regularly analyzing changes in the Bank of Korea’s base rate, conducting comprehensive quarterly and monthly expenditure analyses, and actively utilizing fixed deposit products whenever local tax revenues or subsidies are received to maximize interest income.

Ko Mikyung, Director of the Autonomous Administration Bureau of Jeollanam-do, stated, "Our current treasury contracts and fund management are being handled well. As the contracts expire at the end of 2026, we will make thorough preparations to secure the most efficient treasury contracts possible and further increase our interest income rates."

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