South Korean banks' lending rates on new household loans rose last year to the highest level since 2008.
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​According to data by the Bank of Korea on Sunday, the annual average interest rate on fresh household loans extended by local lenders stood at three-point-46 percent last year, up point-32 percentage points from a year earlier.
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​It's the largest gain since the global financial crisis in 2008, when it increased by point-71 percentage points.
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​Last year’s lending rate on household loans marked the first increase in six years, since it grew point-09 percentage points in 2011.
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​The rise is attributed to the central bank's hike of its key interest rate in November 2017, which was the first increase in six years and five months.
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​Meanwhile, the interest rate paid by banks on new savings reached an average one-point-56 percent last year, up point-08 percentage points from a year earlier.
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​The gap between interest rates on deposits and loans came to a three-year high at two-point-26 percentage points last year.