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"Nowadays devaluation can be covered by 20% rate," - Svetlana Cherkay, Board Member of Piraeus Bank
28 February 2014

Svetlana Cherkay noted that currently international banks are more reliable partners than local, because they’re less dependent on the changes in political mood in the country. In addition, the major shareholder of Piraeus Bank is Hellenic Financial Stabilization Fund, holding 81% of the capital, and which in turn is controlled by IMF, which is an indisputable proof Bank’s reliability.

Mrs Cherkay expresses her sympathy to the depositors during this period of uncertainty and understands their concerns, but at the same time she emphasizes the fact that even in this difficult time, Piraeus Bank has fulfilled its obligations and served deposits and loans, according to the previously signed contracts.

The representative of the financial institution says that the bank tries to offer some safer alternatives. For example, accounts with access at any time with a parallel opportunity to earn interest income on deposits. And another option – monthly short time deposits, earnings on which are very high and comparable to the annual and even higher, as in the case of Piraeus Bank. To those customers who still prefer not to keep their money in the banking accounts, Svetlana Cherkay still does not recommend to keep them at home, taking into account the turbulence of the situation not only in relation to the economy, but also on increased crime situation in the country and advices to keep their savings in deposit boxes. "Large number of professional consultants works in the bank. They will find the right solution, save depositors funds and save them from the devaluation. 20 % rate will not only cover any devaluation in the national currency, but also inflation," - said a Board Member.

It turns out that keeping money at home is not only safe, but also profitable.

The banker also predicts stabilization of the situation in March, and notes that at this time the main worries should drop.