shut it down to buy time, to delay the spread of the virus while building the country ’ s health capacity. amid this challenge, the domestic banking system can be harnessed to support economic recovery. specifically, they provide cash flow support to individual clients and micro, small and medium enterprises. banks are also our conduits in the accelerated promotion of digital banking and electronic payments transactions of our countrymen during the pandemic. on this note, our strategy of combatting the covid - 19 pandemic with the help of the banking system is focused on four critical areas. first, to provide sufficient liquidity to support government ’ s efforts of saving lives and livelihoods. second, to maintain the stability of the financial system. third, to ensure the continued delivery of financial services to the public. lastly, to shore up confidence and cushion economic activity. 2 / 4 bis central bankers'speeches in fact, the bsp has injected a total of p1. 5 trillion to the financial system, equivalent to about 7. 6 percent of gross domestic product ( gdp ), as part of its liquidity - easing measures to address the impact of covid - 19 pandemic. at this juncture, allow me to briefly discuss our various regulatory and operational relief measures to assist the bsp supervised financial institutions endure the health crisis as well as to support households and business firms. first, we provided bsfis with regulatory reliefs to enable them to grant equivalent financial relief to their borrowers in the form of more flexible and favorable lending terms, or restructure loan accounts. second, they were given incentives for lending to assist the micro, small and medium enterprises and large enterprises carry on with their business during the covid - 19 crisis, as well as hasten recovery and sustainability of their operations, during the post - crisis period. one of our more innovative incentives is that new loans to msmes, and certain large enterprises that were critically impacted by the pandemic but not part of a conglomerate will now be recognized as forms of alternative compliance with banks ’ reserve requirements, which i ’ ll discuss further in the next slide. third, is the promotion of continued access to financial services through key policies. this includes the relaxation of know - your - customer ( kyc ) requirements, temporary suspension of all fees and charges covering online banking transactions, licensing and fund transfers, operational relief for fx transactions and financial assistance in the form of loans, advances or other credit accommodations granted to bsfi

juyeol lee : bank of korea ’ s 66th anniversary speech by mr juyeol lee, governor of the bank of korea, at the commemorating ceremony of the bank of korea ’ s 66th anniversary, bank of korea, seoul, 10 june 2016. * * * dear fellow members of the bank of korea family, today marks the 66th anniversary of the bank of korea ’ s foundation. on this happy occasion i would like to express my sincere gratitude to all those who served before us in the bank of korea over the years, devoting themselves to the development of our bank and the national economy, and to those who have supported and encouraged us during this time as well. let me also express my compliments to each and every member of our current staff, for so faithfully carrying out the duties entrusted to you. our economy exhibited growth in the mid - 2 percent range last year, below our potential growth rate, and it has not shown any clearly marked recovery this year either. the trend of declining exports continues, the improvement in domestic demand such as consumption and investment has been unsatisfactory, and the sentiments of economic agents remain sluggish. consumer price inflation is also substantially below its newly set 2 percent target. to cope with these economic conditions, the bank of korea greatly increased the support provided under its bank intermediated lending support facility in march of this year, and yesterday cut its base rate to 1. 25 percent per annum. in view of domestic and external economic conditions, however, it seems unlikely that our economy can easily emerge from its trend of low growth and low inflation in the near future. first, it is difficult to expect any remarkable improvement in our exports, due to the delays in economic recovery in major countries and the consequent slowdown in growth of world trade. the euro area and japan have adopted quantitative easing policies and negative policy rates, but the concerns about possible long - term low growth there have persisted. the us economy has exhibited relatively solid growth so far, but given the slowing pace of its improvement in employment the markets expect the us federal reserve to delay its policy rate hike. and china, our largest trading counterpart, amid the slowing of its pace of economic growth is also shifting to a domestic demand - centered growth strategy. the structural factors limiting our domestic demand recovery persist as well, such as our low birth rate and population aging, the buildup in household debt, and excessive slack in manufacturing capacity. and given the corporate restructuring planned going