Home NewsEconomy News Poland’s Kaczynski tells banks to give savers higher interest or expect more taxes By Reuters

Poland’s Kaczynski tells banks to give savers higher interest or expect more taxes By Reuters

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Poland’s Kaczynski tells banks to give savers higher interest or expect more taxes By Reuters



© Reuters. FILE PHOTO: Law and Justice (PiS) leader Jaroslaw Kaczynski applauds during the first session of the Lower House of the Polish Parliament in Warsaw, Poland November 12, 2019. REUTERS/Kacper Pempel

WARSAW (Reuters) – Polish banks will be taxed if they do not offer customers higher interest on deposits, the leader of Poland’s ruling party said on Saturday, adding to government pressure on the industry to share it with depositors The benefits of rising interest rates.

Poland’s main interest rate is at its highest level since 2008, boosting bank profits but squeezing household budgets in a country where floating-rate mortgages are the norm.

“I don’t want to make a decision for the banker, but it has to be a solid percentage, not an inflation level, but enough to make people feel like the money is losing a lot less value when it’s in the bank,” Jaroslaw Kaczynski said in Eastern City Ratio Avestock said in a speech.

“If not, then we’re going to have to tax those profits and that’s it.”

Polish Prime Minister Mateusz Morawiecki has previously criticized banks for not offering enough interest to depositors, and said in May he would “convince” them to offer more.

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