S. Korean banks' lending rate falls for 3rd month in February
South Korean banks' lending rate fell for the third straight month on lower policy rate, central bank data showed Friday, News.az reports citing Xinhua.
The weighted average rate for new bank loans dipped 0.07 percentage points from a month earlier to an annualized 4.46 percent in February, after retreating 0.11 percentage points in January and 0.12 percentage points in December 2024, according to the Bank of Korea (BOK).
The BOK cut its benchmark interest rate by a quarter percentage point to 2.75 percent in February, after slashing it by the same percentage point in October and November last year.
The rate for new bank loans to households declined 0.13 percentage points to 4.52 percent in February compared with the previous month.
Mortgage loan rate for households slipped 0.04 percentage points to 4.23 percent, and credit loan rate dived 0.08 percentage points to 5.50 percent.
The rate for banks' new corporate loans decreased 0.07 percentage points over the month to 4.43 percent in February.
The lending rate for big companies diminished 0.07 percentage points to 4.41 percent, while the rate for small firms reduced 0.08 percentage points to 4.45 percent.
The weighted average rate for new bank deposits was down 0.10 percentage points over the month to an annualized 2.97 percent in February.
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