Banks" Deposit Interest Rates Have Fallen to Single Digits in Nine Months

Banks' deposit interest rates have fallen below 10 percent for the first time in nine months. According to recent interest rate trends the Bank of Korea announced on September 28, the average deposit interest rate of banks during August was 9.56% annually, 1.44% points lower than the 11.0% posted in July.
Deposit interest rates have entered a single digit era again since it recorded 9.75% last November.
Whereas, interest rates for loans in August averaged an annual rate of 14.93%, 0.58% points lower than the 15.51% posted in July.
The level of interest rates for loans is still quite high and accordingly the banks gained more profits due to the enlargement of the spread between deposit and loan interest rates from the previous 4.51% to 5.37%.