Korea’s M2 slows to a 3-month low in May

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Korea’s M2 slows to a 3-month low in May

Korea’s money supply continued to grow but at the slowest pace in three months in May, central bank data showed Thursday.

The country’s M2 came to 2,780.1 trillion won ($2.36 trillion) at the end of May, up 0.4 percent from April.

The growth marks the slowest since February when the amount went up 0.2 percent on month, according to the Bank of Korea (BOK).

M2 is a measure of the money supply that counts the currency in circulation, including bank debentures and deposits with a maturity of less than two years, along with stock investments. It is a key economic indicator closely monitored by the authorities.

From a year earlier, the May tally marks a 6.6-percent increase.

The slow on-month increase in the country’s money supply apparently came amid concerns of the slowing growth for Asia’s fourth-largest economy, partly prompted by the then escalating trade dispute between the United States and China.

Korea’s exports have dropped for seven consecutive months as of June in part due to the trade dispute between the world’s two largest economies that are also the world’s largest importers of Korean goods.

Yonhap

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