South Korean household borrowing climbs in May, biggest rise in 19 months

SEOUL :Borrowing by South Korean households grew in May, marking the biggest increase in 19 months, as demand for mortgages climbs due to a loosening of regulations.

Total household borrowing from banks increased by 4.2 trillion won or 0.4 per cent to stand at 1,056.4 trillion won at the end of May, according to the Bank of Korea. It was a second straight month of gains after a 2.3 trillion won rise in April. Total borrowing for the year to date is down 1.7 trillion won from the end of 2022. Borrowings for the whole of 2022 slid by 2.6 trillion won.

The central bank held interest rates steady for a third straight meeting last month. One and a half years of monetary tightening through January had brought a total of 300-basis-point increases.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South Korea, Taiwan stocks bag huge foreign inflow in May on chip demandSouth Korea and Taiwanese equities experienced a huge influx of foreign investment during May, driven by a surge of interest in artificial intelligence (AI) and the subsequent demand for shares of hardware exporters in the region. Data from stock exchanges in South Korea, Taiwan, India, Indonesia, the Phi
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »