World

S.Korean banks' lending rate for households hits 10-year high in September

SEOUL
2022-10-28 15:58

Already collect



SEOUL, Oct. 28 (Xinhua) -- South Korean banks' lending rate for households hit the highest in over 10 years in September due to policy rate hikes, central bank data showed Friday.

The weighted average rate for new bank loans to households was an annualized rate of 5.15 percent in September, up 0.39 percentage points from the previous month, according to the Bank of Korea (BOK).

It marked the highest in more than 10 years since July 2012 amid the higher policy rates.

The BOK began to tighten its monetary policy stance in August last year, raising the key rate in eight steps from a record low of 0.5 percent to 3.0 percent.

The rate for mortgage loans to households rose 0.44 percentage points from August to 4.79 percent in September, while the credit loans rate advanced 0.38 percentage points to 6.62 percent.

The weighted average rate for banks' corporate loans increased 0.20 percentage points to 4.66 percent last month, marking the highest in almost nine years since December 2013.

The rate for bank loans to big corporations went up 0.15 percentage points to 4.38 percent, while the lending rate for small firms gained 0.22 percentage points to 4.87 percent.
Add comments

Latest comments

Latest News
News Most Viewed