SEOUL, May 27 (Xinhua) -- South Korean banks' lending rate fell for the fifth consecutive month due to a lower policy rate, central bank data showed Tuesday.
The weighted average rate for new bank loans dipped 0.17 percentage points from a month earlier to an annualized 4.19 percent in April, continuing to slide since 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.
Expectations ran high for additional rate cuts amid a dimmer growth outlook for the South Korean economy. ■
