"There will be a further increase in the Livret A on February 1", according to the Governor of the Banque de France

Good news for French savers.

"

," said François Villeroy de Galhau, Governor of the Banque de France, on BFM TV on Tuesday.

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A savings product held by a majority of French people, the Livret A has its rate calculated automatically twice a year: on August 1 and February 1.

The rate partly depends on the level of inflation, interbank rates, at which banks exchange short-term money, but also on a possible boost.

It is up to the Governor of the Banque de France to send a proposal upstream to the Minister of Economy and Finance who chooses whether or not to ratify it.

By August 1 of this year, the rate had doubled to 2%.

An increase which had notably generated several months of record collection.

In September, collection had reached nearly 2.7 billion euros.

Unheard of for a September month since 2009.

An even greater increase on LEP

But the Governor of the Banque de France also put the spotlight on the Livret d'Epargne Populaire by announcing an "

" on this project before adding that "

”.

As of August 1, its rate had risen from 2.2% to 4.6%.

But too few eligible people hold them.

If its opening procedures have been simplified since last year, only 37% of the 18.6 million French people meeting the conditions to have a LEP actually have one, according to the Banque de France.

This product is reserved for people with incomes not exceeding certain ceilings (20,297 euros per year for example for a single person).

Read alsoGDP growth is expected to slow to 0.3% in 2023, predicts the Banque de France

And while GDP growth is expected to slow to 0.3% in 2023, according to the latest forecasts from the Banque de France, its governor wanted to be reassuring all the same about the future economic outlook by insisting that: "

”.