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Cash-equivalent funds surged to fresh record highs for the fourth straight month in March in Korea where individuals and companies alike fail to find reliable investments to park their extra money amid murky economic outlook, Bank of Korea data showed.
Cash and cash equivalents in bank deposits and callable securities reached 1,091 trillion won ($988.2 billion) as of the end of March, surging by 72 trillion won from a year-ago period. The figure has been renewing record-highs every month since Dec. 31, 2017 when it hit 1,072 trillion won.
About 58 trillion won was placed in money market funds, 25 trillion won in certificates of deposit, 49 trillion won in cash management accounts (CMA), and 6 trillion won in repurchase agreements (RP or repo). The rest bulk was parked in readily checkable bank accounts.
Institutional and retail investors have run out of options for investment in Korea due to softening in the key asset markets of stock and real estate.
[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]
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