Banks slow to raise deposit interest rates

COMMERCIAL banks are too slow to translate changes in the National Bank of Slovakia’s key interest rates into the rates of interest they pay on client deposits, according to the central bank.

"The reality is that changes in the central bank’s monetary policy in the form of increases in key interest rates are reflected more significantly and more quickly in loan interest rates, while the rate of interest on deposits increases more slowly and not as much," said NBS spokesman Igor Barát for the Sme daily.

The central bank has increased its key interest rates four times this year by a total of 175 basis points to 4.75 percent.

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