The Bank of Korea(BOK) says South Korea’s deposit velocity marked the lowest level in nine years, indicating that money holders are reluctant to withdraw deposits amid a host of external uncertainties.

The velocity of checking accounts and other forms of demand deposits was 21-point-two in January. The tally is lower than last December when it was 24-point-six, and the lowest since February 2007, when the deposit velocity was 21.

The deposit velocity measures the number of times money holders made withdrawals. A low figure means people are not spending their money or investing frequently.

Analysts suspect rising uncertainties are deterring investment despite low interest rates and the abundance of money.