The Civic Development Forum informs that inflation is devouring Poles’ savings. “From the beginning of the term of office of Adam Glapiński as the president of the National Bank of Poland, an average Pole who invested PLN 10,000 in savings in a bank, after taking into account inflation and capital gains tax, lost PLN 402.56 – or PLN 100.12 per year” – explains economist Marcin Zieliński.
Civic Development Forum: NBP has bad diagnoses
“The nation pays for Pisz’s gifts, especially the working part. He pays through rising taxes and falling savings “
– Leszek Balcerowicz wrote on Facebook, which refers to the report of the Civic Development Forum.
The nation pays for the Pisz gifts, especially the working part. Pays through rising taxes and falling value …
According to the organization he mentioned, in April this year. the head of the NBP, Adam Glapiński and Prime Minister Mateusz Morawiecki warned that the Polish economy was in danger of deflation, i.e. a decline in the overall price level.
However, it turns out otherwise. Annual inflation in the first half of 2020 is already at its highest in eight years. In turn, for the first seven months of this year. prices in Poland increased by an average of 1.9 percent.
The Forum believes that this is the fault of the Monetary Policy Council and the current authorities.
Inflation – the first symptoms were visible in 2017.
“Inflation started to rise already in 2017, and in the first quarter of this year, exceeding 4% y / y, it was higher not only than the NBP inflation target, but also the upper limit of acceptable deviations (2.5% ± 1 percentage point).
Since the beginning of the year, Poland has been among the three countries with the highest inflation in the European Union. According to the forecasts of the European Commission, the situation will not change either this or next year “
– indicates the Forum.
Despite the above-mentioned phenomenon, during this year’s MPC meetings it was decided to “A drastic cut in interest rates.” The reference rate fell to almost zero.
“As a result, interest rates on deposits and savings accounts in commercial banks dropped. Since, since January 2017, the real interest rate on deposits and savings accounts has fluctuated around zero, and even becomes negative, the reduction in interest rates caused the amounts saved in banks to decline in real terms. From January this year. the average investment after adjusting for inflation and capital gains tax resulted in a loss of 1.3%. and since the beginning of Adam Glapiński’s term of office – a loss of 4 percent. “
– adds the organization.
The effect is that “The average Pole who invested PLN 10,000 in savings in a bank, after taking into account inflation and capital gains tax, lost PLN 402.56 – that is PLN 100.12 per year.”