S Korean lenders see loan rates fall to 13-month low in May

18:52, June 28, 2010      

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South Korean banks saw a drop in lending rates to the lowest in 13 months in May mainly due to a fall in mortgage rates, the central bank said Monday.

According to the Bank of Korea (BOK), local lenders reported a fall in the average interest rate on new loans to 5.4 percent in May, down from the previous month's 5.49 percent.

The figure stood at the same level as in April last year when the reading posted 5.4 percent, falling for the fourth consecutive month, the BOK data showed.

The bank cited the decrease in mortgage lending as the main culprit, which slid to 4.78 percent in May from 5.07 percent the previous month.

The mortgage lending rate fall below the 5 percent mark came for the first time since the central bank began to compile related data, the BOK said.

Source:Xinhua

(Editor:黄蓓蓓)

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