Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
S Korean bank lending, deposit rates decline sharply in over 10 years
+ -
17:00, February 27, 2009

Click the "PLAY" button and listen. Do you like the online audio service here?
Good, I like it
Just so so
I don't like it
No interest
 Related News
 S Korea's biggest steelmaker to cut output in March
 S Korean government to embody supplementary budget
 S Korea's U.S. beef imports get back on upward slope
 S Korea's current account switches back to deficit in January
 S Korean companies see grim outlook for March
 Comment  Tell A Friend
 Print Format  Save Article
South Korean banks saw in January the sharpest drop in lending and deposit rates in more than 10 years with the government's steep cut in interest rates, the Bank of Korea (BOK) said Friday.

The average lending rate for households and companies hit 5.91 percent in January, down 0.98 percentage point from the previous month, according to the BOK.

It was the largest monthly drop since November 1998 when the rate plunged by 1.04 percentage points.

On the other hand, the average deposit rate dropped to 4.16 percent in January, down 1.42 percentage points from a month earlier.

It posted the biggest monthly fall since August 1998 when the rate made a 1.89 percentage point drop.

"The decline in local banks' lending and deposit rates can be attributed to the BOK's key rate cut, which in turn drove down market rates like yields on certificates of deposits," said an official at the BOK.

Since last October, the BOK has consecutively cut the interest rate by a total of 3.25 percentage points, to put it at a record low of 2 percent.

Source: Xinhua



  Your Message:   Most Commented:
British boy becomes father at 13 
Satellite collision reflects necessity for int'l laws: Russian expert
China-made electric cars to enter US market
Survey on two sessions
U.S. Secretary of State Hillary Clinton arrives in Beijing for China visit

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90778/90858/90863/6602873.pdf