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S. Korean banks paying near zero interest on deposits Updated: 2020-07-31 15:04:56 KST

With South Korea's central bank keeping its policy rate at a record low, the average rate paid on new deposits at local retail banks has fallen below one percent for the first time.
According to the Bank of Korea, interest rates for depositors fell in June from 1.0-7 percent the month before to just zero.8-9 percent.
Interest on new bank loans also fell on-month to an average of 2.7-2 percent.
The BOK has cut its policy rate twice this year amid the pandemic, standing now at just half a percent.
KOGL : Korea Open Government License
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