Borrowers should be happy with what they have been going through in recent months, because they will face an even worse fate – said Dr. Bogusław Grabowski, former member of the Monetary Policy Council in “Faktach po Faktach”. Commenting on the purchase by Mateusz Morawiecki of bonds for over PLN 4.6 million, the economist assessed that “the prime minister has properly protected against the consequences of his irresponsible actions”. The program’s guest was also the manager Grażyna Piotrowska-Oliwa, former president of PGNiG.
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Bogusław Grabowski, when asked about the situation of borrowers, said that they should “be happy with what they have been going through in recent months, because they will face an even worse fate”.
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– How will they see any information, announcements of Prime Minister Morawiecki or Prime Minister Kaczyński that there will be additional benefits or social transfers, i.e. additional pumping of demand through growth budget deficit, interest rates will be even higher. They will pay more for the loan. They will pay for the government giveaways with the necessary additional raise interest rate. And the National Bank of Poland will raise them – said Grabowski.
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The NBP reference rate is 5.25%. and is at the highest level since November 2008. The MPC decisions have an impact on loan installments. The next MPC meeting is scheduled for Wednesday, June 8. According to economists’ forecasts, the Council will raise interest rates once again.
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According to Grabowski, the Monetary Policy Council does not perform its duties properly. – Apart from the interest rate, he has another instrument. This is called quantitative tightening. During the pandemic, the National Bank of Poland purchased bonds of the Treasury and its subsidiaries. He bought bonds for about PLN 150 billion, issuing empty money. Now it would be appropriate for the NBP to start selling these bonds, drawing this money. Then the level of restrictiveness, i.e. the influence of the central bank on inflationwill be the same with lower interest rates and less suffering for borrowers – explained the economist.
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Morawiecki’s millions in bonds
Grabowski was also asked about the purchase by the prime minister Mateusz Morawiecki Treasury bonds for over PLN 4.6 million, which results from his declaration of interests. Gazeta Wyborcza wrote that in this way the head of government “outsmarted inflation”, benefiting from high bond interest rates.
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– I must say that I did the same, because as an economist I knew what the actions of the government and the National Bank of Poland would lead to. The difference between me and Prime Minister Morawiecki is that he carries out this policy. I secured my savings against the actions of Mr. Glapiński and Mr. Morawiecki. You can see that he (Prime Minister Morawiecki – ed.) Knew what his politics would lead to. Because savers lose more than borrowers, they have losses on their assets that cannot be recovered. And the real value of the loan is falling for borrowers, although monthly installments are rising. And knowing what he would lead the Poles to, he secured himself. Such activity in giving away money and generating additional inflation impulses is brazen – replied Grabowski.
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As he added, “the prime minister has fairly protected against the consequences of his irresponsible actions, imposing the inflation tax and wasting life savings by Poles”.
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High prices at stations
The guest of the program was also the manager, Grażyna Piotrowska-Oliwa, former president of PGNiG, who was asked why fuel prices they grow so fast. According to experts, we will see “jumps” in fuel prices, which will be visible in the second week of June.
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– We are not talking about a few or a dozen groszy difference, but about a difference of up to 20%. I am afraid that this is a very difficult trend to stop. We should also remember that there is an anti-inflation shield all the time. We currently have 8% VAT, not 23%. If the VAT was 23%, we would already have over PLN 9 on the pylons – emphasized Piotrowska-Oliwa.
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She pointed out that not all stations in Poland belong to concerns, some operate on a franchise basis. – They have a logo, but they buy fuel at wholesale prices and then sell it. This is such a simple reflex that if you buy something more expensive, let’s assume at the beginning of the week, because the wholesale fuel price was higher, then the price on the pylons is immediately raised in order to be able to keep the fuel margin and have a profit to maintain the business. If later in the wholesale, in the same week, the fuel is bought a little cheaper, then these prices will also naturally change slightly slower on the pylon. It is a matter of profit optimization – she explained.
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photo-source">Main photo source: TVN24
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