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South Korean household credit grows at slowest annual rate in at least 20 years

SEOUL (Reuters) – Credit to South Korean households grew at the slowest rate in at least two decades in the third quarter, amid a cycle of sharp rate hikes aimed at curbing inflation, Bank of Korea data showed on Tuesday.

Household credit in the country reaches a record 1,870.6 trillion won ($1.870 Trillion) As of end-September, up 0.1% from the previous quarter, according to the Bank of Korea.

Credit to households rose 1.4% in the third quarter from a year earlier, but was down from the 3.2% annual growth rate at the end of the second quarter. This is the smallest annual increase in the data set since the start of the 870 fourth quarter.

The Bank of Korea has raised interest rates from record lows of 0 since August 2021 by a total of 38 basis points (bp).

%. Another rate hike is expected on Thursday 25-bp, bringing rates to their highest level since 2012.

($1=1,358.358 won)

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