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Pres. Lee Urges Rate Cuts by Commercial Banks

Posted November. 19, 2008 02:59,   


President Lee Myung-bak yesterday urged the Financial Services Commission to encourage commercial banks to lower market interest rates in accordance with the Bank of Korea’s cuts.

On an official visit to Brazil, he told Cabinet members in Seoul via video conferencing, “The Bank of Korea has reduced its key rate to around four percent, but market rates have yet to be lowered. Market interest rates should be cut to alleviate the burden on smaller companies and households."

"Most of all, commercial banks need to be encouraged to lower interest rates imposed on households since many families with mortgage loans have suffered a lot.”