Deposit Growth Drives Continued Rise in South Korea's June Money Supply

Odaily News The Bank of Korea released data on Friday showing that driven by increases in short-term deposits and money market fund scales, South Korea's money supply continued its upward trend in June. According to the central bank's preliminary statistics, the core indicator measuring money supply, M2, averaged 4,213 trillion won (equivalent to $2.97 trillion) in June, up 0.7% from the previous month, an increase of 29.4 trillion won. This indicator has maintained a steady upward trend since November last year. The Bank of Korea stated that both short-term deposits and money market funds, which primarily invest in short-term financial products, saw growth in June.