South Korea's household credit hits record high of 1.37 trillion USD, driven by rising mortgage demand.

South Korea's household credit reached a record high of 1.9138 quadrillion won (1.37 trillion USD) by September 2021, driven by increased mortgage loan demand. This marks the second consecutive quarter of growth, following an earlier increase of 13.4 trillion won. The Bank of Korea lowered its benchmark interest rate by 25 basis points to 3.25%, the first cut in nearly four and a half years. Mortgage loans rose by 19.4 trillion won, while other loans decreased by 3.4 trillion won in the third quarter.

November 19, 2024
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