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SOUTH KOREA'S MONEY VELOCITY FALLS TO RECORD LOW.
SEOUL, June 8 Asia Pulse - South Korea's velocity of money fell to an all-time low in the first quarter despite the large sums of liquidity poured into the market by the government, the central bank said Sunday.
The Bank of Korea (BOK) said the country's money velocity fell to 0.687 from January through March, the lowest figure tallied since related data began to be compiled.
Money velocity is calculated by dividing gross domestic product with the amount of aggregate liquidity in the market.
The figure is important for measuring the rate at which money is used to purchase goods and services and helps gauge overall economic conditions.
Lower numbers translate into fewer purchases and transactions, which suggests consumers and businesses are not using money as frequently.
The BOK said after 2000 the key liquidity index stood at 0.8 before falling to 0.778 in the first quarter of 2008 and dipping further to 0.703 in the final three months of last year.
It also said numbers for the so-called money multiplier have been falling steadily from 26.3 in November to 22.5 in the first month of this year to 22.4 in March.
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