First News
Volume:7, Number:34
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Business & Finance 2
THIS WEEK

South Korea’s End-Q4 Household Credit Grows Most in Over a Decade

South Korea's household credit grew at its fastest pace in over a decade in the fourth quarter of 2016 as borrowers continued to take advantage of record-low interest rates, central bank data showed. Household debt, including loans and other debt owed by South Korean households, soared 11.7 percent in the October to December period from a year earlier, to USD1.17 trillion, up from a revised 11.3 percent growth in the third quarter, preliminary data from the Bank of Korea showed. Household borrowing in the fourth quarter was the fastest since a record 11.8 percent jump in the fourth quarter of 2006. Credit growth in the fourth quarter was led by housing mortgage loans at both bank and nonbank financial institutions, the data showed - extending a trend of swiftly rising household debt seen since the BOK started easing policy since mid-2012. The central bank's benchmark policy rate is currently at a record low of 1.25 percent.

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