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E-mail Xinhua, June 28, 2024
SEOUL, June 28 (Xinhua) -- South Korean banks' lending rate rebounded in May after dropping a month earlier, central bank data showed Friday.
The weighted average rate for new bank loans posted an annualized 4.78 percent in May, up 0.01 percentage point compared to the previous month, according to the Bank of Korea (BOK).
It turned around after tumbling 0.08 percentage points in April amid weaker expectations for the BOK to cut its key rate later this year.
The BOK had left its benchmark interest rate unchanged at 3.50 percent since January 2023.
Rate for banks' new corporate loans climbed 0.02 percentage points over the month to 4.90 percent in May, marking the first rebound in six months.
The lending rate for big corporations gained 0.02 percentage point to 4.99 percent, and the rate for small companies advanced 0.04 percentage points to 4.85 percent.
Rate for new bank loans to households rose 0.01 percentage point to 4.49 percent in May compared to the previous month.
Mortgage loan rate for households declined 0.02 percentage points to 3.91 percent, but credit loan rate spiked 0.09 percentage points to 6.11 percent.
The weighted average rate for fresh bank deposits added 0.02 percentage points over the month to an annualized 3.55 percent in May. Enditem
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