South Korea reports 100 new COVID-19 conditions; tightens border checks for all of us travellers
25 March, 2020
South Korea reported 100 new coronavirus conditions on Wednesday (Mar 25), bringing its total attacks to 9,137, the Korea Centers for Disease Control and Avoidance said.
The death toll rose by one to 126.
Of the brand new cases, 34 were from travellers, KCDC data showed.
South Korea added it would tighten border checks for travellers from america by Friday as problems go up over imported coronavirus cases despite a decline found in domestically transmitted infections.
Seoul has imposed strict border checks on guests from Europe, China, Italy and Iran, requiring them to join up to a smartphone application to monitor whether they experience any symptoms such as for example fever.
A two-week mandatory quarantine for all long-term arrivals from Europe took effect previous Thursday.
Primary Minister Chung Sye-kyun said very similar measures should be implemented for travellers from america no later than Friday.
"We don't have much time given the situation where our citizens moving into North America including learners who are anxious about a go up in confirmed sufferers there and likely to return house," Chung told a gathering.
On Tuesday, South Korea doubled a planned monetary rescue package to 100 trillion won (US$80 billion) to save lots of companies reach by the coronavirus and set a floor under crashing shares and bond markets.
The package includes 29.1 trillion won in loans to small- and medium-sized companies, while another 20 trillion won will be used to buy corporate bonds and commercial paper of companies facing a market meltdown, President Moon Jae-in stated within an emergency economic meeting.
On Wednesday, South Korea said it would further loosen major capital flow rules temporarily to inspire local financial establishments to provide more dollars.
The government plans to temporarily relax the FX liquidity coverage ratio (LCR) for banks and waive a levy on foreign currency borrowing, finance minister Hong Nam-Ki said in a policy meeting, according to a written copy of his speech.
The FX LCR ratio requires banks to carry high-quality assets that may readily be converted into cash within 30 days.
Currently, the federal government asks domestic banking institutions to meet 80 per cent FX liquidity coverage ratio, meaning the number of easy-to-offer foreign assets should be at least 80 per cent of its expected cash outflows in times of stress.
The new ratio will be announced after this week, Hong said.
"The government will assess local dollar liquidity circumstances on a daily basis and prepare many layers of equipment to supply dollars regularly, in order to make certain companies and finance institutions don't knowledge dollar shortages," Hong explained.
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