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Biz News Korea(Eng)

S. Korea’s savings in the H1 gain $12.2 billion

Collected: 2016.07.25

Distributed: 2016.07.26

Source: Go Direct

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Even with hardly any return with borrowing rates at record low, Korean banks are inundated with funds parked with little investment options amid murky economic prospects at home and abroad.

According to the Bank of Korea (BOK) Sunday, balance in fixed deposits across nationwide banks totaled 562.9 trillion won ($494.8 billion) as of June this year, adding 13.9 trillion won over six months - the largest six-month growth in two years. The growth in bank savings accelerated this year after increasing 6.4 trillion won in the second half of last year following a plunge of 14.6 trillion won in the first.

Banks have been offering various incentives to keep funds at more long-term accounts, and investors having no other good investment options have opted to keep their money in safe banks for the time being.

By Boo Jang-won

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