SEOUL, Sept. 30 (Xinhua) -- South Korean banks' lending rate rose last month as consecutive policy rate hikes drove up borrowing costs for both households and businesses, central bank data showed Wednesday.
The weighted average rate for new bank loans gained 0.13 percentage points from a month earlier to an annualized rate of 4.40 percent in August, rebounding from a decrease of 0.04 percentage points in July, according to the Bank of Korea (BOK).
Amid the growing inflationary pressure, the BOK delivered back-to-back rate hikes in July and August, lifting its key interest rate to 3.00 percent from 2.50 percent.
The rate for fresh bank loans to households climbed 0.12 percentage points over the month to 4.76 percent in August, marking the highest since November 2024.
The mortgage loan rate for households swelled 0.18 percentage points to 4.66 percent, and the credit loan rate soared 0.36 percentage points to 6.33 percent.
The mortgage rate has maintained an upward trajectory since May, reaching the highest since November 2022.
The rate for banks' new corporate loans advanced 0.10 percentage points to 4.30 percent in August on a monthly basis.
Lending rate for large companies added 0.03 percentage points to 4.21 percent, and the rate for small and medium enterprises increased 0.16 percentage points to 4.38 percent.
The weighted average rate for new bank deposits stood unchanged at an annualized 3.21 percent in August from a month earlier. ■