Poles to terminate almost every fifth deposit

As much as PLN 53 billion has flowed from bank deposits since the beginning of the epidemic, as the latest NBP data suggest. In July alone, it was almost PLN 13 billion. 

In February, Poles had PLN 290 billion in bank deposits. Of course, the biggest share of this amount was allocated to PLN deposits. The currency ones were then the equivalent of less than PLN 23 billion. Since March, we have been observing an outflow of money from bank deposits that has never been recorded before (the central bank has been publishing relevant data since the end of 1996).

As a result, at the end of July, i.e. in just five months, almost PLN 53 billion evaporated from bank deposits. This is almost one out of five that Poles kept in their deposits before the epidemic. What's more, not only is this outflow not slowing down, but in July this year even sped up.

"All in all, it is hardly surprising – in recent months, banks have been forced to cut interest rates on deposits. As a result, someone who is about to end their deposit today may experience quite a shock when their bank offers him a fraction of 1 percent instead of a few percent of interest. He does not want to agree to such conditions, and they do not decide to freeze their capital on a rickety interest-bearing deposit," Bartosz Turek, an analyst at HRE Investments, said.

In his opinion, we should deal with such a situation for at least a few more months, along with the time that subsequent capital holders run out of deposits made before the epidemic on more decent terms.

"In order not to get the wrong impression – it should be emphasized that we are not dealing with an excessive outflow of money from banks. Although they keep fewer and fewer deposits, in return, Poles entrust them with more and more money in current and savings accounts," he added.

(WBJ)