SEOUL-- South Korea's financial regulators said Monday that they have launched a task force to closely monitor the implementation of recent measures to curb household debt.

The task force held its inaugural meeting early in the day with officials from key financial organizations, according to the Financial Services Commission (FSC).

The task force will hold such a meeting every one or two weeks going forward.

The launch came about a week after the FSC said that it will enforce stricter lending rules based on borrowers' repayment capability through the debt service ratio from January next year to curb soaring household debt.

South Korea has announced a string of measures to rein in household debt, which has grown at a faster clip since 2020 amid nationwide efforts to stimulate the economy from the coronavirus pandemic.

Household debt grew by 7.9 percent on-year in 2020, a faster growth pace than a 4.1 percent rise in the previous year. The debt expanded by 10.3 percent on-year during the second quarter of this year.

The FSC earlier said it will strive to maintain the household debt growth rate in the 5-6 percent range for this year and lower it to the 4-5 percent range for next year.

Source: Yonhap News Agency