중앙데일리

Bank of Korea Taken for 36 Billion Dollars

Sept 14,1998
The Bank of Korea (BOK) was bilked for 36 billion dollars in foreign exchange in August from Korean domestic banks. Furthermore the BOK did not try to recollect the money, rather it issued additional loans of 23 billion dollars to those banks to stop their bankruptcies.
A source from BOK said, 'We are now collecting the money we lent last year to domestic banks, and those loans executed before the economic turbulence were granted as part of government policy. This was totally out of our discretion.'
In the most developed countries, central or leading banks only issue 'safe' national bonds with collateral. In BOK's case, the money was lent without collateral, therefore there is no hope of repayment of domestic banks go bankrupt.


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