■ February 28 (Friday) Economic Calendar
■ Woori Bank, Loan Interest Spread Reduction from Today
Woori Bank is reducing the interest spread on major loans starting today, aligning with the Bank of Korea’s interest rate cut. This proactive rate reduction comes in response to financial authorities’ criticism that bank lending rates have been inflexible, and it is anticipated whether this will influence other commercial banks’ actions.
■ Bank of Korea, January Weighted Average Interest Rate Announcement, 12 PM
The Bank of Korea will announce the weighted average interest rate for financial institutions as of January this year. As the loan-deposit rate gap of deposit banks expanded for four consecutive months until December last year, there is attention on whether this gap will widen further in the new year. As of December last year, the loan-deposit rate gap in the banking sector increased to 1.43 percentage points, 0.02 percentage points larger than in November.
■ Ministry of Economy and Finance, January National Tax Revenue Status Announcement, 11 AM
The Ministry of Economy and Finance will announce the status of national tax revenues for January, the first month of this year. Due to a decline in corporate tax resulting from worsening corporate performance, national tax revenues have fallen significantly short of the budget estimates for the past two years.
■ Foreign Exchange Banks Can Lend Foreign Currency Loans for Domestic Facilities to Export Companies Starting Today
Foreign exchange banks are allowed from today to provide foreign currency loans for domestic facilities to export companies. Loans can be taken within the limit of the export performance in the last year or the current year’s export performance. This measure is in accordance with the foreign exchange supply improvement plans announced by the government and the Bank of Korea in December last year.
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