Gov’t and ruling party plan to lower max interest rate from 24% to 20%
- 3 years ago
당정, 법정최고금리 24%→20% 인하 추진…"서민부담 줄여야"
The maximum interest rate allowable by law in South Korea could be lowered to 20 percent from the current 24 percent.
The government and the ruling Democratic Party discussed measures Monday to lower the maximum rate.
The Democratic Party's floor leader said the 24 percent maximum interest rate is outdated when the Bank of Korea's key interest rate stands at point-five percent.
He added the government and the ruling party will draw up measures to ease the interest burden, while keeping the supply of credit loans steady.
The maximum interest rate allowable by law in South Korea could be lowered to 20 percent from the current 24 percent.
The government and the ruling Democratic Party discussed measures Monday to lower the maximum rate.
The Democratic Party's floor leader said the 24 percent maximum interest rate is outdated when the Bank of Korea's key interest rate stands at point-five percent.
He added the government and the ruling party will draw up measures to ease the interest burden, while keeping the supply of credit loans steady.