Euro and US dollar offshore account competition increasingly steep- Investec

According to analysis of data from its US dollar and Euro offshore savings indices, the average rate for US dollar savings accounts on 20 July 2005 was 1.84%, almost 1.4% below the US Fed rate at the time. However the average rate stood at 2.2% on 31 July, 0.2% above the Fed rate. Investec believes the boost in the average relative to the Fed rate is due to increased competition in the US dollar offshore savings market. The research found the Euro offshore savings market also saw an increase in competitiveness in terms of interest rates. On 20 July 2005, the average rate for Euro offs...