People are living off savings and bank deposits are growing slowly
The annual increase in retail deposits in August, €429m, was the lowest in this month since 2006, data from the central bank NBS show. During the pandemic, retail deposits soared as people had nowhere to spend due to closed stores and travel disruptions. The low August increment stems from Slovaks using up financial reserves amid record inflation and may motivate banks to increase interest rates on deposits. Although nominal wages are growing at almost double digits, inflation is even higher.
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