Yoon "Promote Inclusion in Global Bond Index and Interest Rate Cuts to Lead to Livelihood Recovery"

by Mun Jewon

Published 14 Oct.2024 12:34(KST)

[Image source=Yonhap News]

President Yoon Suk-yeol on the 14th urged, "Carefully implement related policies so that inclusion in the World Government Bond Index and interest rate cuts lead to the recovery of people’s livelihoods."

President Yoon made these remarks while presiding over the Senior Secretary Meeting at the Yongsan Presidential Office that morning, according to a written briefing by Presidential Office spokesperson Jung Hye-jeon.

Earlier, the UK-based global index provider Financial Times Stock Exchange Russell announced that Korea will be included in the World Government Bond Index (WGBI), the world's largest bond index, starting November next year.

Additionally, the Bank of Korea's Monetary Policy Committee lowered the base interest rate from 3.50% to 3.25% on the 11th.

A Presidential Office official explained, "To ensure that the positive effects on the bond market from inclusion in the World Government Bond Index spread to the stock market, the abolition of the financial investment income tax is also necessary."

He added, "We plan to prepare measures for small business owners and self-employed individuals within this month so that the effects of interest rate cuts can become an opportunity to revitalize domestic demand."