South Korean Household Surplus Funds Climb for Third Quarter
(MENAFN) South Korean household surplus funds climbed for the third consecutive quarter, driven by increased deposits and securities holdings, Bank of Korea (BOK) data revealed Tuesday.
Net surplus funds—calculated as financial assets minus financial debts held by households and non-profit organizations—jumped 30.3 trillion won ($22.1 billion) to reach 92.9 trillion won ($67.9 billion) during the January-March period compared to the preceding quarter.
The surplus fund expansion follows previous gains of 2.3 trillion won ($1.7 billion) in the third quarter and 25.3 trillion won ($18.5 billion) in the fourth quarter of the previous year.
Financial assets, encompassing deposits and securities, escalated by 30.0 trillion won ($21.9 billion) in the first quarter from the prior three-month period.
Deposit holdings experienced a dramatic surge of 28.5 trillion won ($20.8 billion), while insurance and pension assets declined 21.8 trillion won ($15.9 billion).
Equity securities and investment fund holdings expanded substantially by 18.8 trillion won ($13.7 billion).
Financial liabilities contracted by 400 billion won ($292.3 million) in the first quarter versus the previous quarter.
The BOK reduced its benchmark interest rate by 25 basis points in both February and May, following identical cuts in October and November of the prior year.
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