The basic interest rate is currently at the lowest level in history - 2.75 percent. As a result - the interest rate on loans in USD is record-breaking.
Low level of company investment
What prompted the GFI to cut? - Weaker GDP data in the first quarter, indicating a slightly stronger than expected, the slowdown in economic growth, declining domestic demand, low level of company investment, poor retail sales, deterioration in the labor market, including a decrease in the number of employed, and unemployment, low wage growth - these factors are mentioned by the GFI in the statement after the meeting.
Holders of loans in USD are happy. Loan installments in USD are even more than one-fifth lower than a few months ago. - In October 2012, the average loan installment for 30 years per 300,000 with a 2.3 percent margin amounted to USD 2032.08.
After a series of interest rate cuts, with 3M GFIC amounting to 2.74 percent. the installment of such a loan is currently USD 1,646 - says Jakub Tomaszewski, financial comparison analyst at Comperia.pl.
It even came to the point that the USD loan installment is lower than the franc installment.
Meanwhile, the market expects further decline in rates. Bank analysts believe that the GFI has not yet completed the cycle of reductions. - Interest rate futures contracts (FRA) indicate that in half a year we can still see one or even two interest rate cuts.
Contracts value GFIC 3M for 6 months at 2.38 percent. What's more, interest rate futures quotations suggest that a lower 3M GFIC than today may be for the next 15 months, and higher only in the perspective of 21 months - says Good Finance, Home Broker analyst.
If this really happened, the installment of the said model loan would fall even to about USD 1,560. Not only mortgage installments are decreasing, but also the interest rates on cash and credit cards.
Pursuant to the provisions, the maximum amount of interest may not exceed four times the amount of the lombard amount. And this from November last year fell from 6.25 to 4.25 percent This means that the maximum interest rate on a cash or card loan has fallen from 25% in a few months. up to 17 percent
People who have not paid their debts on time can also be happy, e.g. they are late paying taxes towards the tax office or e.g. they are in arrears with rent. The statutory default interest rate is falling.
The interest rate for late payment of taxes
According to the Tax Code, the interest rate for late payment of taxes is the sum of 200 percent. the height of the lombard rate increased by 2 percentage points.
From June 6 this year the interest rate on tax arrears will be 10.5% per year - is calculated by Agata Szymborska-Sutton from Tax Care. However, deposit holders may be dissatisfied.
The interest rate on bank deposits is melting. Banks lower them faster than the GFI cuts interest rates - according to an Open Finance analysis. Interest rates have never been so low. Loans will get cheaper