SEOUL, Aug. 27 (Xinhua) -- South Korean banks' lending rate fell for the eighth straight month due to lower policy rate, central bank data showed Wednesday.
The weighted average rate for new bank loans slipped 0.03 percentage points from a month earlier to an annualized 4.06 percent in July, continuing to go down since December last year, according to the Bank of Korea (BOK).
The BOK cut its benchmark interest rate by 25 basis points in February and May each to 2.50 percent after lowering it by the same basis points in October and November last year.
The rate for fresh bank loans to households fell 0.01 percentage point to 4.20 percent in July compared to the previous month.
Mortgage loan rate for households added 0.03 percentage points to 3.96 percent, and credit loan rate gained 0.31 percentage points to 5.34 percent.
The rate for banks' new corporate loans retreated 0.02 percentage points over the month to 4.04 percent in July.
The lending rate for big companies shed 0.01 percentage points to 3.99 percent, while the rate for small firms shrank 0.03 percentage points to 4.08 percent.
The weighted average rate for new bank deposits was down 0.04 percentage points over the month to an annualized 2.51 percent in July. ■
