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S. Korea's money supply continues to rise in April

2018/06/12 12:00

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SEOUL, June 12 (Yonhap) -- The money supply in South Korea rose more than 5 percent from a year ago in April on a gain in corporate lending, central bank data showed Tuesday.

The country's M2 totaled 2,596 trillion won (US$2.41 trillion) in April, up 5.7 percent from 2,455.8 trillion won a year earlier, the Bank of Korea (BOK) said in a statement.

It slowed down from a 10-month high of a 6.2 percent on-year gain in February and a 5.8 percent last month but has remained at a modestly high level of over 5 percent since the beginning of 2018.

The growth rate of the M2 had been in a steady decline since April last year but made a turnaround after hitting a four-year low of 4.6 percent in August.

From a month earlier, the money supply edged up 0.8 percent in April, the BOK added.

The central bank said increased corporate credit has led to a pickup in the money supply since the latter half of last year.

M2 is a measure of the money supply that counts the currency in circulation, including bank debentures and deposits with a maturity of less than two years, along with stock investments. It is a key economic indicator closely monitored by the authorities.

This file photo shows bundles of 50,000 won bills. (Yonhap) This file photo shows bundles of 50,000 won bills. (Yonhap)

brk@yna.co.kr

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