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© Reuters. FILE PHOTO: Homes are seen in Seoul August 1, 2012. REUTERS/Lee Jae-Gained
SEOUL (Reuters) – South Korea’s family credit score shrank within the fourth quarter of 2022, its first quarterly decline in almost a decade, central financial institution knowledge confirmed on Tuesday.
The nation’s complete family credit score fell 0.2%, or 4.1 trillion gained ($3.16 billion), within the fourth quarter from the earlier quarter, to 1,867.0 trillion gained by the tip of December, in line with the Financial institution of Korea.
The quarterly decline was the primary for the reason that January-March quarter of 2013 and the largest proportion fall for the reason that first quarter of 2009.
On an annual foundation, the whole credit score elevated 0.2%, marking its slowest development since knowledge assortment began within the fourth quarter of 2002.
South Korea’s central financial institution has raised rates of interest by a complete of 300 foundation factors since August 2021, together with a 25-basis-point price hike final month, which is extensively anticipated to have marked the tip of the present tightening cycle.
($1 = 1,297.5000 gained)
