Poles amass a record PLN 1 tln in bank accounts

Banking

The savings that Polish citizens keep in banks have topped PLN 1 trillion (EUR 216 billion) for the first time, an investment firm expert said on Wednesday, according to a report by news agency PAP.

Bartosz Turek, an expert with HRE Investments, prepared his analysis based on central bank data for February. Bartosz Turek, an expert with HRE Investments, prepared his analysis based on central bank data for February. The data include current and savings accounts as well as deposits.

The total figure for February was PLN 95 billion (EUR 20.6 billion) higher compared to the same month last year. The trend continued despite PLN 100 billion (21.6 billion) having been withdrawn over one year from deposits due to record-low interest rates that rendered term saving unprofitable.

However, an additional PLN 195 billion (EUR 42.2 billion) was deposited into current and savings accounts over the period, Turek has found. The savings of Poles would be enough to finance Poland's budget spending for two years.

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Finance