Good news for savers.  Pekao will raise deposit rates

At the end of April this year. Prime Minister Mateusz Morawiecki appealed to banks to raise interest rates on deposits and deposits. On Tuesday, the prime minister asked if a legal solution could be counted, such as linking the deposit rate with the NBP reference rate. How he wants to push the banks to raise interest rates on deposits, he replied “by persuasion.”

Asking the president of Pekao SA, Leszek Skiba, whether and when his bank will raise interest rates on deposits, he replied: – We are closely monitoring the situation and trying to respond on an ongoing basis by making changes to our offer.

He noted that Picao reported the first increase in deposit rates in April. – Currently – due to the continuing inflation trend – we are working on another increase in interest rates on deposits. We will provide details in the next few days, Skiba said.

Pekao chairman emphasized that “in recent weeks, banks have increased deposit rates” because they are part of the financial system and bear joint responsibility for it. “They encourage saving, and this is a factor that curbs inflation. Banks, as public trust institutions, must also participate in activities that support the improvement of the standards of the financial system” – noted Pekao’s chairman.

He added that the bank’s data showed that in the early days of the war, customers paid large sums. – We note that banks are already competing for this liquidity, for example by offering higher interest rates on deposits – he said.

During Tuesday’s press conference, Finance Minister Magdalena Rzekowska said the government would soon introduce solutions that would help the Poles to the rescue. She added that within the framework of these proposals, the Ministry of Finance is working to issue retail bonds to citizens.

Prices of consumer goods and services in April of this year. It grew 12.3 percent year over year, and 2.0 percent month-over-month.

The Monetary Policy Board raised all interest rates by 0.75 percentage points last Thursday. The reference rate, the main NBP rate, is up from 4.5%. up to 5.25 percent

Founded in 1929, Pekao Bank is one of the largest financial institutions in Central and Eastern Europe and the second largest global bank in Poland with more than 270 billion PLN in assets. It serves more than 6.1 million customers. Pekao’s profit in the first quarter of 2022 amounted to 907 million PLN. PZU has 20 percent. Pekao, and the Polish Development Fund – 12.8 percent. Share.

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