Rates Are Lowest Since 1996
The average interest rate on bank deposits slid in February to 5.43 percent, the lowest level since July 1996, the Bank of Korea said Friday. Deposit rates have been declining since November.Last month's average dropped 0.45 percentage point from January, the central bank said. The steepest decline were rates on time deposits, at 0.59 percentage point, certificates of deposit, at 0.76 percentage point and repurchase agreements, which dropped by 0.49 percentage point. Banks lowered their rates following a decline in the yields on state bonds, the central bank said.
The average interest rate on loans also declined in February, to 8.34 percent, down 0.11 percentage point from the previous month. Corporate loan rates fell 0.18 percentage point, and household loan rates decreased 0.08 percentage point.
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)