South Korean bank deposits up by KRW22.3t in February

Transferable deposits rose by KRW21.4t during the month.

Deposits taken in by banks grew by KRW22.3 trillion in February, reversing the KRW48.4t withdrawn in January 2023.

Transferable deposits accounted for a bulk of the increase, increasing KRW21.4t during the month, as funds for settlement by corporations and funds from other financial institutions flowed in, according to a report by the Bank of Korea (BOK).

For comparison, transferable deposits declined by KRW59.5t in January.

ALSO READ: South Korea’s chief financial regulator urges banks to reduce interest income dependence: report

Time deposits grew by KRW2.4t in February after a KRW900m decline in January. BOK said that this was “influenced by inflows of local government funds, which more than offset withdrawals of corporate and household funds following, for instance, decreases in deposit interest rates.”

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