Inflation in Poland is approaching 7%, and the NBP is raising interest rates to stop the rise in prices. Commercial banks have already reacted to the decisions of the central bank and raised interest rates on deposits. Meanwhile, the government’s offer for savers remains unchanged. Retail bonds issued in December will be offered to buyers on the same terms as in previous months.
The Monetary Policy Council decided to raise interest rates twice in the last two months. NBP – by 40 bp. in October and 75 bp. in November – lifting the reference rate from a historically low level of 0.1 percent. up to 1.25 percent Analysts expect another rate hike already in December.
The higher price of money set by the central bank translates into interest rates on loans and deposits. Commercial banks are reacting to the MPC decision, which in recent weeks have updated their offers for savers, allowing them to earn more on deposits. The Ministry of Finance in October did not react with a similar move, but it was justified – the government did not lower the interest rates on retail bonds after the interest rate cut. NBP by 40 bp. in May last year. But after the MPC raised interest rates in November. for the second time, the interest rate hike on government securities “simply belonged” to the savers. Meanwhile, the December offer will be the same as the November offer, the ministry said on Wednesday.
“The interest rate of 3-month fixed-rate bonds is 0.50% per annum, and 2-year bonds 1.00%. Other bonds in the first interest period are respectively: 1.10% for 3-year bonds, 1.30% for 4-year bonds. -year olds and 1.70% for 10-year-olds “- informs the Ministry of Finance. In the case of three-year bonds, the interest rate in subsequent periods is determined on the basis of the WIBOR6M ratio, which currently exceeds 2%. On the other hand, four-year and ten-year bonds will give a gross profit of CPI inflation plus a margin of 0.75% and 1% respectively. The Ministry of Finance also has a product for the beneficiaries of the 500+ program. 6- and 12-year family bonds bear interest of 1.50% and 2.00%, respectively, in the first year of saving, and in the following years – the return is calculated on the basis of CPI inflation and a margin of 1.25 and 1.5%, respectively. From the nominal return on investment in savings bonds, you have to pay the so-called Belka tax.
In October, the Ministry of Finance obtained PLN 3.6 billion from the sale of savings bonds – the lowest level since February, but still more than in any month before 2021, apart from the specific May of last year. Over 34 thousand took advantage of the offer. people, on average they spent over 100 thousand on the purchase of papers. zloty. Retail bonds already have nearly 205,000 in its investment portfolio. people. In addition, over 31 thousand invests in these securities through IKE. In the face of accelerating inflation, Poles less frequently invest in retail Treasury bonds with fixed and low interest rates, and more often in government securities that are better secured against the loss of real value. But even “anti-inflation” bonds may not be enough to fully protect capital from erosion.