Christian Noyer overruled by finance minister on savings rate

Christian Noyer at the Bank of France

Banque de France governor Christian Noyer was today overruled by the French finance minister who blocked the governor's attempt to cut the interest rate paid on the country's most popular savings account.

French citizens can invest up to €22,950 in a savings account known as ‘Livret A', earning interest exempt from income tax. There are more than 60 million in use. The interest rate paid on these accounts is set by the French government, on the basis of calculations performed bi-annually by the

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