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Local Banks Cut Savings Rates as Markets Anticipate Easing

CZECHIA
  • An interesting article in Czech paper Lidove Noviny, who write that Banks have begun to reduce their interest paid on savings accounts and term deposits as markets anticipate base rate cuts from the CNB in the near future.
  • The piece cites a letter to clients from J&T Banka, who wrote that "The trend of falling inflation continues. In September, the lowest year-on-year inflation rate since December 2021 was recorded. This development is reflected in the gradual reduction of interest rates,"
  • Rates paid on one-year term deposits at J&T are to drop by 0.40ppts to 5.80%, and two-year deposits dropped by 0.85ppts to 5.15%.
  • Piece is here: https://www.lidovky.cz/byznys/banky-uroky-hypoteky...

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