[Market Focus] Jeju Bank Rises on Government's Second Supplementary Budget 'Local Currency' Plan... Strengthens Local Currency Cooperation with Kona I

Jeju Bank is showing strong performance. This is believed to be influenced by news that the government is considering a plan to provide 250,000 won in livelihood support funds in the form of local currency at the second 'Emergency Economic Task Force' meeting to be held on June 9.

As of 9:44 a.m. on June 9, Jeju Bank was trading at 10,310 won, up 7.28% from the previous day.

On this day, the government plans to hold the second 'Emergency Economic Task Force' meeting and discuss a second supplementary budget worth 20 trillion won. It has been reported that the plan to provide 250,000 won in livelihood support funds as local currency will be reviewed at this meeting.

On the previous day, Seo Youngkyo, a lawmaker from the Democratic Party of Korea, said, "We aim to pass the supplementary budget and actively consider nationwide disaster relief funds and local currency to serve as a priming water for economic recovery," adding, "We will ensure that the first task of the Lee Jaemyung administration?passing the supplementary budget for livelihood and economic recovery?is approved through bipartisan agreement and executed swiftly."

Seo also stated, "Within the Democratic Party, we are actively considering nationwide disaster relief funds or local currency to boost the domestic economy," and added, "If this supplementary budget is executed, the economic growth rate is expected to increase by about 1%."

Meanwhile, Jeju Bank has previously established a mutual cooperation relationship with Kona I, a credit card (IC) payment platform, to promote the activation of local currency in Jeju Province.