Dozens of banks across Germany are now making their clients pay for the privilege of keeping their money. With the Reserve Bank cutting the official cash rate to a record low of 1.00 percent on Wednesday, New Zealand is moving closer to unorthodox monetary policy. Europe’s largest economy, Germany, is a glimpse into our future if we end up with negative interest rates.
Over the coming months, banks will likely start charging negative rates from the first Euro. Banking representatives have already started preparing the public for this development with carefully worded statements.
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