S Korea’s household credit growth slows in Q1

23 May, 2019 12:00 AM printer

SEOUL: South Korea's household credit growth slowed in the first quarter as the government's efforts to curb speculative investment in the real estate market weakened demand for mortgage loans, central bank data showed Wednesday.

The household credit, which includes debts owed by households to banks and other financial institutions as well as purchase on credit, amounted to 1,540 trillion won (1.3 trillion U.S. dollars) as of end-March, up 3.3 trillion won (2.8 billion U.S. dollars) from three months earlier, according to the Bank of Korea (BOK), reports Xinhua.

It was the lowest quarterly expansion in six years since the first quarter of 2013 when the household credit reduced.