April 19, 2024

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[THE INVESTOR] Korean banks saw their short-term time deposits jump more than 10 percent on-quarter in the third quarter amid expectations of interest rate hikes, central bank data showed on Nov. 21.

The outstanding balance of short-term time deposits at local lenders came to 221.6 trillion won (US$202 billion) as of the end of September, up 19.4 trillion won from three months earlier, according to the data from the Bank of Korea.

It was up 10.1 percent from the second quarter, the largest quarterly increase since the second quarter of 2010 and 9.8 percent from a year earlier.

In the second quarter, short-term time deposits rose around 8 trillion won, with the outstanding balance ranging from 170 trillion won to 180 trillion won from January to May.

By Alex Lee and newswires (alexlee@heraldcorp.com)