South Korean banks' lending rate fell for the 2nd consecutive month in July, dropping to 4.55% annually.

South Korean banks' lending rate fell for the 2nd consecutive month in July due to expectations of a policy rate cut later this year, with the weighted average rate for new bank loans decreasing 0.16 percentage points to an annualized 4.55% in July. BOK has kept its benchmark interest rate unchanged at 3.50% since January last year. Both household and corporate loan rates saw slight decreases.