The average lending rate for households and companies reached 6.7% in September, up 0.14%age point from a month earlier, according to the Bank of Korea. The figure was the highest since July 2002 when the borrowing costs were 6.72%.
The average interest rate on new deposits rose 0.17%age point on-month to 5.28% in September, the highest since July 2001 when the rates stood at 5.57%, the bank added.
