S.Korean banks' lending rate rebounds in September
Source: Xinhua | 2020-10-29
The South Korean banks' lending rate rebounded last month, ending a downward trend that continued in recent months amid the record-low policy rate, central bank data showed Wednesday.
The weighted average rate for new bank lending came in at 2.66 percent in September, up 0.03 percentage points from the previous month, according to the Bank of Korea (BOK).
Banks' deposit rate averaged an annualized rate of 0.88 percent in September, up 0.07 percentage points from the prior month.
Both the lending and deposit rates declined in the past months after the BOK cut its target rate to an all-time low of 0.50 percent in May. The target rate was lowered from 1.25 percent to 0.75 percent in March.
Lending rate for small companies gained from 2.80 percent in August to 2.86 percent in September, but the lending rate for big corporations declined from 2.48 percent to 2.43 percent.
The rate for loan to households advanced 2.55 percent to 2.59 percent in the cited period.
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