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Next Year's Budget Touted At KRW 600tn

KRW

One-month NDF's holding steady in South Korea, the won dropped to a 10-month low last week on equity outflows as the outlook for the chipmaking industry turned negative. As a reminder South Korean markets will be closed Monday and Tuesday this week for Liberation day.

  • On the coronavirus front there were 1,556 new cases in the past 24 hours, down from 1,817 on Sunday. Health authorities say they will remain on alert over further spread of the virus following an extended weekend.
  • Elsewhere, South Korea is seeking to draw up a national budget of around KRW 600t for next year in a bid to maintain expansionary fiscal spending amid the pandemic. Spending could be higher depending on the fourth wave of the pandemic. KRW 600tn would represent a 7% increase from this year, the government wants to slow the pace of increase from 8.9% this year.
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