Deposits lossmaking until at least 2022

Poles who opened deposits at the end of 2015 were losing their savings in real terms. Unfortunately, the bad luck of the savers is still going on and everything indicates that it will last. The latest forecasts suggest that there is no reason to count on real gains on deposits until at least the end of 2022, according to the latest HRE Investments calculations.

If someone opened an annual deposit in the first quarter of 2019, he could count on approximately 1.6 percent interest. This deposit is now ending under clearly adverse circumstances. Inflation is expected to be around 4.3 percent in the current quarter (NBP estimates). This means that the level of prices of consumer goods and services is to be on average 4.3 percent higher than last year.

Taking into account these facts and the need to pay tax on bank interest, we get a result close to 3 percent of real loss.

Current forecasts and quotations of futures contracts suggest that we won't even make money on deposits ending in 2022, and the prospects for the coming years are still not optimistic. The reasons are mundane – rising prices in stores and cutting interest rates on bank deposits.

(WBJ)