M2 growth in September slower than in August

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M2 growth in September slower than in August

Korea’s money supply growth slowed in September from a month earlier but quickened on a yearly basis on a rise in funds held by both households and companies here, central bank data showed Wednesday.

The country’s M2 came to 2,852.0 trillion won ($2.44 trillion) as of end-September, up 19.4 trillion won or 0.7 percent from the month before, according to the data from the Bank of Korea.

The rate of increase slightly slowed from a month earlier, when M2 gained 0.9 percent on-month.

However, from the same month last year, M2 surged 7.6 percent, accelerating from a 6.8 percent on-year gain in August.

M2 is a measure of the money supply that counts currency in circulation along with stock investments. It is a key economic indicator closely monitored by the authorities.

Yonhap

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