Financial authorities have provided around one-point-three trillion won, or around 970 million U.S. dollars, in various support packages aimed at reducing the public burden caused by high interest rates and delayed post-pandemic economic recovery.

According to the Financial Services Commission(FSC) and the Financial Supervisory Service(FSS) on Wednesday, nine banks have provided support worth 908 billion won to around three-point-44 million people since last March.

The types of support include lending interest rate cuts for one-point-86 million general borrowers, exemption of early redemption charges for 870-thousand low-credit and low-income borrowers, and reduced interest on overdue loan payments for 710-thousand small business owners.

Nine credit companies offered debt reduction and low-interest loan replacements worth an estimated 119 billion won to their customers.

Excluded from the enforcement sum, insurance companies have reduced car insurance premiums by an average two-point-five percent, and introduced a one-year deferment on insurance payments for households experiencing income suspension due to job loss, illness or childbirth.