Prime Minister Mateusz Morawiecki informed the public that the Ministry of Finance (MF) will propose new annual treasury bonds as a response from the State Treasury to the low-interest rates on bank deposits. Details of the new MF’s offer will be presented in the third decade of May, and the bonds will be sold in June.

“We are implementing new types of treasury bonds, which will be very beneficial and will set the benchmark for the market, precisely so multinational financial corporations are not the only ones that benefit from inflation. The Ministry of Finance will propose new annual bonds with an interest rate at the level of the NBP reference rate”, said the head of government at the Impact’22 conference.

In his speech, PM Morawiecki pointed out that with the very high inflation that the world’s economies are currently struggling with, banks in Poland maintain very low-interest rates on deposits, despite the rapidly rising interest rates of the Narodowy Bank Polski NBP.

“During the inflation crisis, there is a certain group of entities that make profit from it including banks and financial institutions. I have a specific appeal to bank presidents: it is wrong that 1.2 trillion PLN in current deposits bear interest at the level of 0.1%, and the average interest rate for the entire pool of bank deposits is 1-1.5%. This is an unhealthy model where a very well-capitalized financial sector benefits from high inflation. There must be a wake-up call and it must be done quickly”, assessed the prime minister.

Mateusz Morawiecki added that he meets with representatives of the banking sector on this matter, and these meetings show that the financial sector is aware of the need to raise interest rates on deposits.

“I know that they have an in-depth reflection on raising the interest rate on deposits in a very short time”, said the head of government.

Arkadiusz Słomczyński