August 12, 2021 13:29
Household loans from commercial banks increased W9.7 trillion in July alone to W1,040 trillion despite government attempts to quell sky-high borrowing, the Bank of Korea said Wednesday (US$1=W1,159).
The increase was even steeper than in June.
The government has been trying to stop people from borrowing, but to no effect. A BOK official said, "We need to monitor the effect of the government's tougher loan regulations to suppress the white-hot real estate market further in upcoming months."
Corporate loans stood at W1,034 trillion, up W11.3 trillion from June.
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