SEJONG, Oct. 23 (Yonhap) — Finance Minister Hong Nam-ki said Friday there is a need to cut the maximum interest rate that private lenders can charge as part of efforts to ease financial burdens on low-income people.

In a parliamentary audit meeting, Hong said the government has reviewed a plan to cut the maximum legal lending rate.

In 2018, the government lowered the maximum legal lending rate to 24 percent from 27.9 percent.

Hong said the government will review market interest rates and other economic factors before it cuts the maximum legal lending rate.