S Korea's bank deposit growth marks 15-month high in May

16:34, June 09, 2010      

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South Korean banks in May saw the greatest gain in deposits in 15 months as more investment was drawn to risk-free assets amid escalating, the central bank said Wednesday.

According to the Bank of Korea (BOK), bank deposits totaled 1, 039.2 trillion won (838.7 billion U.S. dollars) as of end-May, expanding 18.6 trillion won (15 billion U.S. dollars) from a month ago.

The figure marked the largest gai since February 2009 when the deposit amount increased 23.1 trillion won (18.5 billion U.S. dollars).

"The growth of bank time deposits rose in May on the back of bank efforts to draw more funds amid economic uncertainty," an official at the BOK was quoted as saying.

Meanwhile, local banks' corporate and household loans marked an on-month growth of 2.1 trillion won (1.7 billion U.S. dollars) and 4.4 trillion won (3.5 billion U.S. dollars), respectively.

The data came a day before the BOK announces the key rate amid wide forecast that it will freeze the rate at a record low of 2 percent for the 16th straight month.



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