S. Korea home credit grows at slowest yearly rate in a minimum of 20 years

SEOUL (Reuters)– South Korea’s home credit grew at the slowest yearly speed in a minimum of 20 years in the 3rd quarter, reserve bank information revealed on Tuesday, amidst a high rate walking cycle targeted at taming inflation.

The nation’s family credit reached a record 1,8706 trillion won ($ 1.38 trillion) by the end of September, up 0.1% from the preceding quarter, according to the Bank of Korea.

The third-quarter home credit was 1.4% greater than a year previously, however lower than the 3.2% yearly increase at the end of the 2nd quarter. It was the tiniest yearly gain because the information set started in the 4th quarter of 2002.

South Korea’s reserve bank has actually raised rate of interest by an overall of 250 basis points (bp) because August 2021 from a record low of 0.50%. It is anticipated to provide another 25- bp rate trek on Thursday, bringing rates to the greatest level because 2012.

($ 1=1,3580700 won)

(Reporting by Jihoon Lee; Editing by Jamie Freed)

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Source: FXEmpire

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