South Korean banks’ lending rate fell last month owing to the financial authorities’ efforts to lower debt-servicing burden amid rapid policy rate hikes, central bank data showed on Friday
SEOUL, (UrduPoint / Pakistan Point News – 27th Jan, 2023 ) South Korean banks’ lending rate fell last month owing to the financial authorities’ efforts to lower debt-servicing burden amid rapid policy rate hikes, central bank data showed on Friday.
The weighted average rate for new bank loans was an annualized 5.56 percent in December 2022, down 0.08 percentage points from a month earlier, according to the Bank of Korea (BOK).
It marked the first slide in nine months as the financial authorities strictly monitored the lending practices of banks, which had competitively raised lending rates amid higher policy rates.
The BOK has tightened its monetary policy stance since August 2021, lifting…
