S. Korea's money supply keeps rising on record-low policy rate

Xinhua
13 May 2021, 12:00 GMT+10

SEOUL, May 13 (Xinhua) -- South Korea's money supply kept rising on the continued record-low policy rate, central bank data showed Thursday.

The M2, or broad money, amounted to 3,313.1 trillion (2.93 trillion U.S. dollars) in March, up 11.0 percent from the same month of last year, according to the Bank of Korea (BOK).

The double-digit increase came on the back of the record-low interest rate. The BOK had left its key rate unchanged at an all-time low of 0.50 percent since May last year to tackle an economic slump from the COVID-19 pandemic.

The M1, or narrow money, surged 24.5 percent in March from a year earlier.

The M1 refers to currency in circulation, demand deposit and transferable savings deposit equivalent to cash. The M2 adds money market fund, time deposit and financial products that mature in less than two years to M2.

The liquidity on financial institutions, called Lf, gained 9.3 percent in the cited month. The year-over-year expansion of liquidity aggregate, the broadest measure of money supply, was 9.6 percent.

The Lf includes financial products with a maturity of more than two years and liquidity at insurers and brokerages along with M2. The liquidity aggregate adds state and corporate bonds to the Lf.

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