Mon, 02 Oct 2023

SEOUL, June 9 (Xinhua) -- South Korea's industrial lending growth slowed for the third straight quarter due to rising worries about the economic downturn, central bank data showed Friday.

Debts owed by all industries to deposit-taking financial institutions amounted to 1,818.4 trillion won (1.4 trillion U.S. dollars) at the end of March, up by 20.8 trillion won (16.1 billion dollars) from three months earlier, according to the Bank of Korea (BOK).

The quarterly growth kept slowing since the third quarter of last year as concerns deepened about an economic slump amid higher interest rates.

The BOK left its policy rate unchanged at 3.50 percent since January after hiking it by 3.0 percentage points in the past one and a half years.

Lending to the services industry climbed by 8.4 trillion won (6.5 billion dollars) during the January-March quarter, after expanding by 15.8 trillion won (12.2 billion dollars) in the previous quarter.

Loan to manufacturers jumped by 11.0 trillion won (8.5 billion dollars) in the first quarter after growing by 3.8 trillion won (2.9 billion dollars) in the prior quarter.

The industrial lending for operating fund rose by 11.4 trillion won (8.8 billion dollars) during the cited quarter, while the lending for facilities' fund increased by 9.4 trillion won (7.3 billion dollars).

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