Despite inflation, savings deposits in Bangladesh banks reached a 2.5-year high in November 2023, growing by 11%. Current deposits, which offer no interest, decreased to 5.69% from nearly 8% during the same period. The rising deposit rates, though lower than inflation, attracted depositors to savings. The interest rate on deposits increased to 9%, with reputed banks offering up to 8%, while average inflation was 9.48% in December. The Bangladesh Bank credited rising deposit rates and a significant fall in currency outside banks for the surge in savings deposits. The growing trend suggests cautious spending amid economic uncertainties.
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