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S. Korean banks' lending rate falls for 4th month in March

SEOUL
2023-04-28 14:27

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SEOUL, April 28 (Xinhua) -- South Korean banks' lending rate fell for the fourth consecutive month in March due to expectations for slower policy rate hikes, central bank data showed Friday.

The weighted average rate for new bank loans stood at an annualized 5.17 percent in March, down 0.15 percentage points from the previous month, according to the Bank of Korea (BOK).

The BOK once again left its benchmark interest rate unchanged at 3.50 percent earlier this month, after delivering seven back-to-back rate hikes for one and a half years through January this year.

Rate for fresh bank loans to households declined 0.26 percentage points over the month to 4.96 percent in March.

Rate for bank's new corporate loans retreated 0.11 percentage points to 5.25 percent in March.

The lending rate for big companies slipped 0.05 percentage points to 5.19 percent, and the rate for small companies decreased 0.17 percentage points to 5.28 percent.

The weighted average rate for new bank deposits rose 0.02 percentage points from a month earlier to an annualized 3.56 percent in March, marking the first rebound in four months.
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