Cautious Savers Stick With Banks
The nation's total bank deposits are nearing 400 trillion won ($311 billion) as money from financial markets has been flowing into bank accounts over the past few months.The Bank of Korea said Sunday that bank deposits as of last week totaled 395 trillion won. The amount has increased steadily from 254 trillion in June 1999, 354 trillion won in June 2000 and 382 trillion won late last year.
Growth in total deposits had been flat from the beginning of the year until March, when it rose by 3.6 trillion won, though bond yields fell sharply in January and February. "At this pace, the total should pass 400 trillion won by the end of this week," a official at the central bank said.
But because 163 trillion won of the total is in short-term deposits, which can be withdrawn at any time, the deposit figure is volatile.
with the Korea JoongAng Daily
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