Gov't to tighten lending rules to curb household debt
Posted : 2021-04-29 16:29
Updated : 2021-04-29 16:49
Deputy Prime Minister and Finance Minister Hong Nam-ki speaks during a meeting with top financial regulators at the Export-Import Bank of Korea (Eximbank). Yonhap
By Lee Kyung-min
The government decided Thursday to tighten lending rules in stages to slow down the pace of household debt growth, which is expected to hit 6 percent this year and 4 percent in 2022, levels seen before the COVID-19 pandemic started.
Through the measure, the government seeks to rein in the steep increase in borrowing over the past year amid the economic crisis triggered by the pandemic, as the economy shows clear signs of a rebound with the prospect of herd immunity being achieved sooner.