South Korea’s Yoon pledges help for low-income borrowers

SEOUL, July 14 (Reuters) – South Korean President Yoon Suk-yeol pledged on Thursday to implement policy measures aimed at easing the debt service burden of low-income people and young people at a where interest rates rise.

“While interest rate increases have been an inevitable action to contain consumer price growth, the burden should not be fully shifted to economically vulnerable sectors of society,” Yoon said, adding that the government would adopt political measures to help them.

He made the comment during his weekly economics meeting, held a day after the country’s central bank raised the key interest rate by half a percentage point to fight inflation, realizing the largest single rate hike on record. Read more

Recent opinion polls have indicated a rapid decline in Yoon’s popularity just two months into his presidency, with approval ratings falling well below disapproval ratings in many surveys.

During Yoon’s meeting with senior government officials, including the Minister of Finance, the Financial Services Commission announced that it would expand a program to help low-income borrowers switch from adjustable-rate mortgages to low-income loans. fixed rate at affordable rates.

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Reporting by Choonsik Yoo; Editing by Jacqueline Wong and Simon Cameron-Moore

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