4/9  BIS central bankers' speeches  So the debate about the future does not end here. Another thing to discuss is how monetary policy and financial stability interact. And this debate also involves our standard tool, the interest rates. Interest rates have been very low for quite some time now.
Deposit rates currently still stand at an average of 0.22%[4] and have thus risen less sharply than central bank policy rates. If deposits were to be shifted out of low-interest sight deposits into higher-interest time deposits, this would reduce banks’ interest margins.