29 Nov 2022
Econ Digest
The Monetary Policy Committee (MPC) began raising its policy rates at its August and September 2022 meetings by 0.25% each time, for a total of 0.50%, bringing the current policy rate to 1.00%. However, instead of raising interest rates immediately, most large commercial banks waited until October 2022, particularly for deposit rates, which have seen substantial increase in the special deposit campaigns launched primarily by large and small commercial banks; possibly, this is in part to replenish deposits that had matured or are about to mature. Pricing competition has gradually increased in the deposit market, probably driven by many factors, including consistency with the direction of the MPC’s policy rate, a steady growth in loans, a gradual decline in excess liquidity and attempts by commercial banks to maintain their deposit customers.... Read more
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