 |
| ▲ This file photo, taken July 18, 2023, shows information on a bank's loan programs at a lender in Seoul. (Yonhap) |
lending rates-September
Banks' lending rate edges up in September
SEOUL, Oct. 27 (Yonhap) -- Banks' loan rate rose slightly in September as the central bank has frozen its key rate for months amid easing inflation and an economic slowdown, central bank data showed Friday.
Banks' lending rate applied to new loans last month stood at 5.17 percent on average, up 0.07 percentage point from a month earlier, according to the preliminary data from the Bank of Korea (BOK).
In August, the central bank held its key interest rate steady at 3.5 percent for the fifth straight time as it weighs a slowdown in growth amid moderating inflation. The rate freezes came after the BOK delivered seven consecutive rate hikes from April 2022 to January 2023.
This month, the central bank froze the policy rate again.
The rate banks charge for deposits also rose to 3.81 percent in September from 3.65 percent the previous month.
The spread on banks' lending and deposit rates narrowed to 1.36 percentage points, from 1.45 percentage points over the cited period, according to the data.
(END)
(C) Yonhap News Agency. All Rights Reserved
