The exceptionally bad streak of the zloty continues – the dollar appreciating against the euro had a strong impact on our currency. Last week’s statement by the president of the European Central Bank also did not help. Christine Lagarde said interest rate hikes are not very realistic, so the zloty exchange rate on Friday flew even more. The CHF / PLN pair looks the worst. Frank costs PLN 4.50, which is the highest result in history.
Loans in francs are the most expensive in history. It was worse only for a moment on “Black Thursday”
“For most franc borrowers, the next installment will be the highest since obtaining the loan,” writes Jarosław Sadowski, chief analyst at Expander Advisors. The only exception are the unlucky people who bought the francs needed to pay off the installment on the memorable “Black Thursday” in 2015. Then, for a moment, the rate even broke 5 zlotys, but at the end of the day it dropped to 4.31 zlotys, and after 2 weeks the rate returned less than PLN 4.
In the case of a sample loan for the amount of 300 thousand. PLN, for 30 years, contracted in January 2008, the installment increased by PLN 189 – from PLN 1834 to PLN 2022.
The debt expressed in zlotys is also growing. After 14 years of repayment of the sample loan taken in January 2008, the debt increased from the initial PLN 300,000. up to 371 thous. zlotys. In fact, however, the debt expressed in francs is declining. In the case of our sample loan, immediately after paying the loan, it was 140.9 thousand. francs, and currently 82.5 thousand remain to be repaid. francs. However, as the exchange rate of the franc is rising, the amount in zlotys is still higher than at the beginning – says Sadowski.
PLN loans are also becoming more and more expensive
Due to the increase in WIBOR rates, loan installments in PLN are also growing. This applies to loans taken years ago and those newly granted. For example, WIBOR 6M is already 2.02 percent. So if the loan margin of 10 percent. own is, for example, 2.7 percent, the interest rate on the loan will amount to 4.72 percent.
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Installment of the newly granted loan with the aforementioned interest rate of 4.72 percent, for the amount of 300 thousand. PLN, for 30 years, it will be PLN 1,560. For comparison, at the beginning of October, when WIBOR 6M was 0.32%, it was PLN 1,268. The installment increased by PLN 291.
Still, a similar loan in Swiss francs taken in January 2008 is clearly more expensive. The installment is PLN 2,022, with a PLN 1,336 loan.