South Korea’s money supply growth slowed in February on higher interest rates, central bank data showed on Friday.
The M2, or broad money, rose 4.1 percent in February from a year earlier, after expanding 4.4 percent in the previous month, according to the Bank of Korea (BOK).
The BOK began to tighten its monetary policy stance in August 2021, hiking its policy rate by 3.0 percentage points to 3.50 percent in January.
The M1, or narrow money, decreased 12.4 percent in February on a yearly basis, keeping a downward trend for the sixth consecutive month.
The M1 refers to currency in circulation, demand deposit and transferable savings deposit equivalent to cash.—APP
