(MENAFN) South Korea's household credit growth has declined in the first quarter as the government's efforts to limit speculative investment in the real estate market weakened demand for mortgage loans.
According to the Bank of Korea, the household credit, including debts owed by households to banks and other financial institutions as well as purchase on credit, reached USD1.3 trillion as of end-March, up USD2.8 billion from three months earlier.
It marked the lowest quarterly expansion in six years since the first quarter of 2013 when the household credit reduced.
From a year earlier, the household debt grew USD60 billion, or 4.9 percent, at the end of March.
MENAFN2305201900450000ID1098559482
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.