Banks cut deposit rates in wake of Central Bank's lowering of interest rates

The major retail banks have responded quickly to the interest rate cut by the Monetary Policy Council (RPP), lowering their deposit rates by an average of 1.6 percentage points. PKO BP, which holds more than a third of customer deposits in Poland, yesterday announced that it would lower its key call deposits by between 1.0 and 1.2 percentage points, to 7.0% and 5.0%. (Rzeczpospolita, p. A1; Reuters) M.T.