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Korean bank lending rates hit five-year high in September

The central bank of Korea reported that Korean banks' lending rates rose to a more than five-year high in September, mainly due to a second consecutive interest rate hike.

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.