The value of money deposited in savings accounts of banks or other financial institutions is rapidly declining as inflation intensifies, point out Economic analysts.
According to the Central Bank, inflation was at 8.30% in October. Although official figures have not revealed the real nature of market inflation, the data that has been presented shows a sharp decline in the value of the currency.
While the maximum interest rate on savings is officially 5.0, inflation has fallen to 8.30%, with the value of deposits falling by 3.3%. As a result, the amount of money in savings accounts is constantly declining.
