BUSINESS

Bank of Korea offers net W7tr in liquidity ahead of Chuseok holiday

By Yonhap
  • Published : Sept 29, 2017 - 13:10
  • Updated : Sept 29, 2017 - 13:10

The Bank of Korea said Friday it has injected a net 7 trillion won ($6.1 billion) in liquidity into the financial system to help keep the money supply stable ahead of the Chuseok holiday.

The central bank said its money injection for the 10 business days leading up to the holiday jumped 43.3 percent from a year ago as this year's holiday is the longest in decades. The government gave everyone Monday off to boost domestic consumption, while this year's Chuseok is preceded and followed by other national holidays.
 

(Yonhap)

Last year, the central bank provided a net 4.3 trillion won to financial institutions ahead of Chuseok.

Chuseok, which falls next Wednesday this year, is one of Korea's biggest traditional holidays and is similar to Thanksgiving Day in the US. (Yonhap)