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Biz News Korea(Eng)
S. Korea’s balance of fixed deposit with short-term maturities hits record high
- Collected
- 2016.06.29
- Distributed
- 2016.06.30
- Source
- Go Direct
The Bank of Korea said on Monday that the balance in fixed bank deposits with maturities of less than a year came to 199.48 trillion won ($168.72 billion) as of the end of April, up 0.4 percent from the previous month and gaining 21.3 percent from the same month a year ago.
Bank savings for a year or less have been on a upswing for several years, passing the thresholds of 150 trillion won in October 2010, 160 trillion won in March, 170 trillion won in June, 180 trillion won in August and 190 trillion won in October last year.
Bank savings for longer period have been falling. The balance of deposits with one to two year maturities stood at 342.71 trillion won at the end of April, down 0.1 percent on month and 5.9 percent on year. The on-year balance has dropped for 16 consecutive months. The balance of the deposits with two to three year maturities came to 17.22 trillion won, also down 0.3 percent on month and 13.0 percent on year. The balance has gradually fallen since last September.
Consumers have opted to keep cash in banks for short period until better investment options with interest rates at record low level come up. Customers’ deposits for stock investment also reached 26 trillion won, showing the country’s short-term liquid funds at record 945.22 trillion won.
“Consumers are keeping funds at easily cashable assets, making financial institutions more difficult to manage assets for long-term,” said an industry insider.
By Lee Sang-duk
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]