Interest rates remain unchanged

The third meeting of the Monetary Policy Council (MPC) this year did not bring any changes in the main interest rates of the central bank. There is no point in counting on a better offer of banks with regard to deposits or loans.

A year ago, the March meeting of the MPC was groundbreaking. Then, for the first time after a five-year break, a decision was made to cut interest rates in Poland. It was a response to the outbreak of the coronavirus crisis. Back then, the council's decision came as a surprise. This time everything went as expected. Interest rates remained unchanged.

From May 2020, the main rate is 0.1 percent. A year ago it was 10 times higher. The interest rate on funds deposited with the NBP by commercial banks remained at 0 percent, and the lombard (credit) rate is still 0.5 percent.

These rates apply to banks, but the MPC's decision translates into an offer for ordinary customers. The lack of changes in interest rates means that both the interest rates on deposits and deposits as well as loans and credits should not change. Savers still have to look for more profitable offers outside the banks. On the other hand, borrowers can enjoy lower installments.

The decision announced by the MPC did not surprise economists.

"We should expect rates to remain unchanged, as well as a signal that the central bank does not intend to change monetary policy at least until the end of the term of office of the current council," PKO BP economists wrote in the morning commentary.

They pointed out that the publication of the latest NBP economic forecasts, especially in terms of inflation, would be more interesting than the decision on interest rates itself.

(money.pl)