Hong Nam-ki "Need to Consider Lowering the Annual 24% Statutory Maximum Interest Rate"
Eun Sung-soo, Financial Services Commission Chairman, "It's Right to Move Toward a Reduction"
![[Image source=Yonhap News]](http://www.asiae.co.kr/news/img_view.htm?img=2020110418123083424_1604481149.jpg)
[Asia Economy Reporter Lim Chun-han] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated on the 5th regarding the legal maximum interest rate (currently 24% per annum) that "since the interest rate level has decreased, there is a need to consider some downward adjustment."
Deputy Prime Minister Hong made this remark during a comprehensive policy inquiry at the National Assembly's Budget and Accounts Committee when Rep. Chu Kyung-ho of the People Power Party pointed out that "many low-income and vulnerable groups use loans exceeding the maximum interest rate."
Hot Picks Today
Taking Annual Leave and Adding "Strike" to Profiles, "It Feels Like Samsung Has Collapsed"... Unsettled Internal Atmosphere
- There Is a Distinct Age When Physical Abilities Decline Rapidly... From What Age Do Strength and Endurance Drop?
- "One Comment Could Lead to a Report": 86% of Elementary Teachers Feel Anxious; Half Consider Resignation or Career Change
- "After Vowing to Become No. 1 Globally, Sudden Policy Brake Puts Companies’ Massive Investments at Risk"
- On Teacher's Day, a Student's Gifted Cake Had to Be Cut into 32 Pieces... Why?
Financial Services Commission Chairman Eun Sung-soo also said, "I think it is right to move in the direction of lowering the rate," adding, "We also need to consider those who are excluded from using financial services, so it is necessary to look at both aspects in balance."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
