“The MPC meeting will not change monetary policy parameters (…). Higher-than-expected inflation in June and growing concerns about the stability of the financial system do not encourage further easing of monetary policy. The focus will be on the results of the new NBP projection for GDP and inflation. It will be the first vision of the future presented by the NBP since the outbreak of the pandemic, ”so PKO BP economists spoke a few hours before the Tuesday meeting of the council.
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Information after the MPC meeting, which may contain information about the NBP projection, will be published on Tuesday at 15.00.
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Most economists were almost certain that – after three cuts this year – this time interest rates would not change. The main (reference) rate is 0.1% The interest rate on deposits at the NBP is still zero, and the loans bear interest at 0.5%.
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The main stake is practically zero anyway, so cutting it further would not really bring great results in the context of stimulating economic growth or reducing the cost of borrowing money by the government.
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Payday loans during a pandemic. “They are 5 times cheaper”
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Let us remind you that at meetings in March, April and May the MPC lowered the reference interest rate by a total of 140 bp to 0.1%. In June, the MPC left interest rates unchanged. Due to the outbreak of the coronavirus, no press conference was held after any of the above-mentioned meetings. This time there was no conference either.
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Three interest rate cuts this year, especially the last in May,surprised many economists. Some thought that side effects are possible, including destabilizing the financial system. According to others, thanks to almost zero interest rates it will be easier to get out of “swollen public debt”.
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After the publication of June inflation data(which was supposed to fall, but increased), among economists there were voices that the MPC is unnecessarily worried about the possibility of deflation and – perhaps – it cut interest rates too quickly.
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On the other hand, all those paying off previously drawn loans should be satisfied with the interest rate cuts, because their installments would decrease significantly. Expander’s calculations show that installments of some loans will fall thanks to rate cuts by as much as one sixth. This means that every six months the amount of savings obtained will be so high that it would be enough to pay the additional installment. It can therefore be said that borrowers have received two installments for free annually. Applies to
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19 min ago
Stefek …Soon dollar for 5 zlotys. Matter of time.
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