South Korea’s financial sector prepares 103 trillion won in Chuseok support

  • Financial authorities and lenders will provide 102.6 trillion won in Chuseok support.
  • Policy institutions will supply 23 trillion won through lending, guarantees and maturity extensions.
  • Holiday loan maturities and credit card payments will move to Sept. 28 without penalties.

South Korea’s Financial Services Commission and financial institutions will provide 102.6 trillion Korean won in loans, guarantees and payment relief ahead of the Sept. 24-27 Chuseok holiday. Policy finance institutions will offer 23 trillion won in special lending and guarantees from Aug. 24 through Oct. 12, while banks will provide 79.6 trillion won through new loans and maturity extensions. Holiday loan maturities and credit card payments will generally move to Sept. 28 without late interest or fees. Traditional market merchants can access 5 billion won in loans, while reverse mortgage benefits and some deposits can be paid early. Securities proceeds from shares sold on Sept. 23 will settle on Sept. 29, and mobile and flexible-hours branches will serve customers during the holiday period.

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