Seoul, Sep 8 (SocialNews.XYZ) South Korean banks' household loan kept growing last month as the policy rate remained at a low level, central bank data showed Wednesday.
Debt, owed by households to banks, reached 1,046.3 trillion won ($897.9 billion) as of the end of August, up 6.2 trillion won ($5.3 billion) from a month earlier, Xinhua news agency reported, citing the Bank of Korea (BOK).
It was down from an increase of 9.7 trillion won ($8.3 billion) in July, but the household debt continued to rise amid the still low policy rate.
The BOK raised its benchmark interest rate last month to 0.75 per cent from an all-time low of 0.50 per cent, marking the first rate hike in 33 months.
Mortgage loan to households expanded 5.9 trillion won ($5.1 billion) to 763.2 trillion won ($654.9 billion) in August, and credit loan gained 300 billion won ($257.4 million) during the month.
Banks' corporate loan came in at 1,041.3 trillion won ($893.6 billion) at the end of August, up 7.9 trillion won ($6.8 billion) from a month earlier.
It was the fastest August growth since relevant data began to be compiled in June 2009.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz