S.Korean banks' lending rate for households hits 10-year high in September

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S.Korean banks' lending rate for households hits 10-year high in September

STORY: S.Korean banks' lending rate for households hits 10-year high in September DATELINE: Oct. 29, 2022 LENGTH: 00:01:11 LOCATION: Seoul CATEGORY: ECONOMY SHOTLIST: 1. various of the Bank of Korea 2. various of apartments and banks (courtesy: Yonhap TV) STORYLINE: South Korean banks' lending rate for households hit the highest in over 10 years in September due to policy rate hikes, central bank data showed Friday. The weighted average rate for new bank loans to households was an annualized rate of 5.15 percent in September, up 0.39 percentage points from the previous month, according to the Bank of Korea (BOK). It marked the highest in more than 10 years since July 2012 amid the higher policy rates. The BOK began to tighten its monetary policy stance in August last year, raising the key rate in eight steps from a record low of 0.5 percent to 3.0 percent. The rate for mortgage loans to households rose 0.44 percentage points from August to 4.79 percent in September, while the credit loans rate

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