South Korea's Money Supply Up 7.2% in June

Money supply in South Korea grew more than 7% on-year in June, largely due to a rise in household debt, the central bank said Wednesday. 
The nation's "M2" totaled 2,335.5 trillion won about (US$2,135.4 billion) for the month, up 7.2% from a year earlier, according to the Bank of Korea (BOK). It marks a 0.7% rise from May, South Korea's (Yonhap) News Agency said. 
M2 is a measure of money supply counting the currency in circulation, including bank debentures and deposits with a maturity of less than two years, along with stock investments. It's a key economic indicator closely monitored by the authorities. 
The on-year money supply growth rate stood at 8.3% in February, 7.8% in March, 7% in April and 6.7% in May. 
"The rate rebounded as household-led private borrowing expanded in June," Shin Seong-wook, director of the BOK's financial statistics team, said. 
The BOK lowered the key interest rate from 1.5% to 1.25% in June, leading to a jump in household loans.