Deposit interest rates are set to rise
The annual interbank Euribor rate has recently topped 2% for the first time since 2008, signaling an early rise in bank deposit rates in Slovakia from the current zero. The growth in Euribor comes in response to the ECB ending its cheap money policy. In 2008, the average interest rate on new deposits in Slovakia was 1% and the rate on household deposits was 2%. This July, the rate stood at 0.01%. Markets expect the ECB to raise its rate to over 2% by the end of this year. Slovak banks have been rising their loan interest rates since March.
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