The typical lending fee of main banks in Korea dropped for the fourth consecutive month in August, information confirmed Thursday.
COFIX, or the Price of Funds Index, a benchmark lending fee for mortgage loans, got here to three.36 p.c final month, down 0.06 proportion level from the earlier month, in keeping with the information from the Korea Federation of Banks.
The speed has been on a gradual decline since Might.
The COFIX fee for excellent loans dipped 0.02 proportion level to three.67 p.c in August, marking 10 consecutive months of decline, the information confirmed.
COFIX is calculated primarily based on the price of info on funds offered by eight home banks in Korea. They’re Nonghyup Financial institution, Shinhan Financial institution, Woori Financial institution, Customary Chartered Financial institution Korea, Hana Financial institution, Industrial Financial institution of Korea, Kookmin Financial institution and Citibank Korea. (Yonhap)