April 20, 2024

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[THE INVESTOR] Korean households’ bank deposits grew at the fastest pace in more than six years in the first quarter amid a lack of promising investment opportunities, central bank data showed on May 30.

The outstanding amount of household bank savings came to 614.34 trillion won (US$570) as of the end of March, up 14.23 trillion won from three months earlier, according to the data from the Bank of Korea.

It was the largest quarterly increase since the fourth quarter of 2011, when the amount expanded by 15.84 trillion won.

The first-quarter increase was attributed partly to the BOK’s key rate hike in November last year.

The BOK jacked up its benchmark interest rate by a quarter percentage point to 1.5 percent amid clear signs of an economic recovery, the first hike in six years and five months.

 By Song Seung-hyun and newswires (ssh@heraldcorp.com)