S. Korea’s interest rates fall to 3.41% in July – BOK

South Korea’s average interest rate on new deposits stood at 3.41 per cent in July 2024, marking a decrease of 10 basis points from the previous month, the Bank of Korea (BOK) said in a new release on Friday.

Conversely, the average interest rate on outstanding deposits at the end of July rose to 2.61 per cent, reflecting a slight increase of one basis point from the prior month.

In the lending sector, the average interest rate on new loans decreased to 4.55 per cent, down 16 basis points from June.

Meanwhile, the average interest rate on outstanding loans at the end of July also fell, dipping to 4.92 per cent, a reduction of four basis points from the previous month.

Attribution: Bank of Korea report

Subediting: Y.Yasser