According to the latest data from the Bank of Portugal, the average interest rate on deposits of up to one year does not exceed 0.31%. This is an interest rate 3.6 times below the Euro Zone average, which in November stood at 1.12%.
According to data from the European Union's statistics office (Eurostat), in the single currency space, only Cypriot, Greek and Slovenian banks pay less than Portuguese banks. The situation does not improve for deposits between 12 and 24 months either.
Despite the interest rate on deposits with a maturity of 1 to 2 years rising to 0.87%, it is half the average remuneration of Eurozone countries (1.81%).
Why is the Bank of Portugal not acting as the regulator it is? This goes for anything about economic operators of different sectors, in Portugal.
By Diogo F. from Lisbon on 30 Jan 2023, 00:02
I have worked in or with the Banking Sector since 1983 and to date, nothing has changed namely. This sector is very greedy. One way traffic. Tax payers, with a myriad of Financial Instruments via the Central Banks, regularly bail them out however. When it is time to pay Interest the Banks not only do not behave accordingly but they even begin to charge you ridiculous levels of account management fees.
By Miguel from Lisbon on 31 Jan 2023, 19:46