What is your situation in your country ? Are you going to experience some economic turmoil as well ? Please let me know.
I guess the economic situation is almost the same in all countries, just that some countries are underperforming compared to others when it comes to their economic growth. One thing that I have realized over the past year in my country about how the economy is underperforming is the aspect of price increases on both imported and exported products, which I believe is a result of a bad economy and the country's currency being devalued.
When it comes to banks giving a high interest rate, I have not really enjoyed that or noticed it over the past months or years. This could be as a result of me not always being able to allow my money to stay in my bank account for a long period of time, or maybe the interest rate is only applicable to those who run fixed deposits into their bank account.
But one question that I have always had in mind is this: how does a high interest rate on customer deposits help in the growth of an economy? When the bank is to be spending more on paying depositors profits, which if there is a huge deposit, will result in huge profit payouts every single period that could possibly affect an entire banking system, if a depositor happens to request a withdrawal all at once, won't the bank experience some sort of bankruptcy?
Or maybe the interest rate increase is also applicable to those individuals and institutions who are requesting loans from the bank; the higher they are asked to pay per loan, the higher they are asked to pay per loan, which could possibly be the same method used to calculate the user interest rate per deposit.