Why interest rates on deposits remain low
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The excess liquidity available to Greek banks eases any pressure on them to attract deposits through increased interest rates.
Apart from the fact that 85% of Greeks only keep up to 5,000 euros in banks, amounts usually used for daily transactions, this money is in the form of short-terms deposits, where the interest rate is very low across Europe.
That is what keeps interest rates on deposits low, according to competent banking sources on the occasion of a Competition Commission investigation.
The latter is expected to complete within 2024 its interim report on the probe it has started on deposit interest rates.