Korea expects limited impact from Russian debt default due to little exposure
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Korean banks’ exposure to Russia debts was estimated at $1.47 billion as of 2021, accounting for a mere 0.4 percent of their total external exposure, according to the Bank for International Settlements on Monday.
Given Korean market’s little exposure tied to Russia, impact from only the Russian debt default itself is expected to be very limited, said a high-ranking Korean government official who asked to be unnamed.
On Tuesday morning, Korea’s benchmark stock index Kospi was up 0.25 percent at 2,407.94, while the Korean won weakened 0.15 percent to 1,286.90 against the U.S. dollar.
But the government will remain vigilant against any ripple effects from the Russia default impact on the European economy, where recession fear is growing after the suspension of Russian natural gas supply, and the first interest rate hike by ECB in 11 years is expected next month.
The Korean government will eye on whether the world could face broader credit crunch from possible conservative fund management by global financial institutions in response to the Russian default.
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