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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: S.Korea expands trade finance support to large companies Reuters - Sunday, December 28 SEOUL, Dec 28 - The Bank of Korea said on Sunday it would expand its $10 billion in trade finance support, a measure aimed at offering foreign currency liquidity to exporters, to large companies until the end of next year. The central bank unveiled the support plan on Nov. 13 to help local exporters who were facing difficulties persuading banks to open letters of credit amid a drop-off in demand from overseas markets. [ID:nSEO240220] But the measure was limited to small- and medium-sized companies by using their trade bills as a collateral for new loans from commercial banks, to which the central bank in turn provided foreign currency loans. "The Bank of Korea will expand scope of companies receiving the trade finance support to all domestic companies temporarily from Dec. 29 until the end of December, 2009," it said in a statement. "As financial support from the authorities focused on smaller companies, trade finance support for larger companies has not been smooth relatively." South Korea's export dependent economy is seen as especially vulnerable to the fall-out a sharp slowdown in the global economy. On Saturday, President Lee Myung-bak warned the country looked headed for its first economic contraction in a decade, reinforcing expectations for further interest rate cuts and fiscal stimulus to boost Asia's fourth-largest economy. [ID:nSEO263525] Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Money for tainted milk victims not enough: lawyersAP - 1 hour 3 minutes ago S.Korea KDB agrees to Daewoo shipyard sale delayReuters - 1 hour 8 minutes ago SNAPSHOT - Financial Crisis - 0600 GMTReuters - 1 hour 33 minutes ago Satyam defers board meeting, mulls governance stepsReuters - 1 hour 57 minutes ago Panasonic Electric to shut 3 plants, cut 800 jobsReuters - Sunday, December 28 Most Popular – Business Viewed Actress Jennifer Aniston appears naked in GQ magazine Stars of Hollywood, high-tech open wallets for Obama party Tough times seen ahead for British, Japanese economies Funeral of Guinea strongman as junta tightens grip Australian 'mummy smuggler' arrested in Cairo View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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