Largest retail bank announces reduction in interest rates as of Friday

Poland's largest retail bank PKO BP will lower some of its deposit rates on Friday as a result of the central bank's decision to knock a further 100 basis points off interest rates at the end of March. PKO BP, which has more than a third of consumer deposits in Poland and serves as a benchmark for rates at many other local banks, will cut rates on some call deposits by 1.3% to 6.2-8.2%. PKO BP also announced its plans today to reduce some credit rates by 0.3 percentage points to 17-23.6% on April 17. (Prawo i Gospodarka, p.8; Reuters) A.D.