South Korean household loans rise in October

Outstanding household loans at five major South Korean lenders rose by 2.77 trillion won to reach 783.6 trillion won ($584 billion) by the end of October. This rebound follows a previous month where loans had declined for the first time in six months.

The increase was driven by growth in both mortgage and credit loans. Mortgage loans rose for the seventh consecutive month, gaining 1.7 trillion won to reach 623.99 trillion won. Credit loans also advanced by 669 billion won.

The Bank of Korea recently maintained its benchmark interest rate at 3 percent after previous hikes intended to manage inflationary pressures and ensure macroeconomic stability. The central bank is currently assessing economic conditions amid robust exports and ongoing tensions in the Middle East.