It was fun while it lasted but National Bank of Poland’s unique approach to monetary control has been knocked on the head. Following this year’s introduction of a new banking law, the central bank, headed by tough-minded Hanna Gronkiewicz-Waltz, will no longer be able to take retail deposits.
That also means an end to glitzy marketing campaigns extolling the benefits of good returns without risk that the central bank had offered. Deposit rates 3% above the average pulled in $1 billion in deposits before the scheme was halted.
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