Seoul: The Korea Interbank Offered Rates (KORIBOR) experienced slight declines across most terms in the latest update. The rates, which serve as benchmarks for lending between banks in South Korea, were posted by Yonhap Infomax, the financial news and information arm of Yonhap News Agency, at 11:00 a.m.

According to Yonhap News Agency, the 1-week KORIBOR rate decreased to 2.50% from 2.56% in the previous session. The 1-month rate also saw a drop, settling at 2.57% compared to 2.64% previously. The 2-month rate followed this trend, decreasing from 2.64% to 2.59%.

The 3-month KORIBOR rate experienced a marginal decrease, moving from 2.62% to 2.61%. Meanwhile, the 6-month rate fell slightly from 2.58% to 2.57%. The 12-month rate remained unchanged, staying at 2.53%.

These rates are crucial indicators for the financial market, reflecting the cost of borrowing among banks in South Korea. The latest figures suggest a minor easing in short-term borrowing costs.