Biznes Fakty
Mentzen asks Nawrocki about interest rates: who told you that?
Sławomir Mentzen engaged Karol Nawrocki on his YouTube channel, addressing a variety of topics, including their economic perspectives. The two politicians expressed differing views regarding interest rates. Mentzen elaborated on the implications of reducing them, which was a request made by the civic candidate. „I recognize that you are not an economist but a historian. Who advised you on this?” the host inquired.
Sławomir Mentzen, who garnered 14.81 percent of votes during the first round of the presidential election on May 18, extended an invitation to KO presidential candidate Rafał Trzaskowski and PiS-backed Karol Nawrocki for a discussion on his YouTube channel. Trzaskowski and Nawrocki are set to compete in the second round of the election on June 1.
Mentzen’s dialogue with Nawrocki occurred on Thursday.
Nawrocki’s request
Among the subjects covered during their discussion was the matter of interest rates in Poland. Mentzen queried Nawrocki regarding his appeal to the Monetary Policy Council to lower interest rates.
Nawrocki made this appeal in early April of the current year. „Poles must finally experience lower loan installments. That is why I am urging the Monetary Policy Council to reduce interest rates,” Nawrocki stated in a video shared on the X platform.
In his conversation with the leader of the Confederation, Nawrocki remarked that reducing interest rates „would provide an opportunity for the Polish economy to improve, allowing Poles to pay less for loans”. – A decrease in interest rates by the Monetary Policy Council would benefit many Poles – Nawrocki explained. He added, „high prices are detrimental”.
Mentzen highlighted that lowering interest rates results in increased credit activity. – More capital enters the market, causing prices to escalate. A reduction in the interest rate diminishes the cost of credit while elevating the cost of other goods. Lower interest rates lead to inflation rising – he clarified.
– The outcome of decreased interest rates would be elevated prices, higher costs of energy, food, essentially everything. That’s why I find this appeal surprising. I understand that you are not an economist but a historian. Who recommended this to you? – Mentzen questioned.
Nawrocki responded that he has economists among his advisors. – The crucial point here was credits and the reality that many borrowers are awaiting it. I believe that there are more factors affecting these prices that Poles face. Electricity prices are severely impacting Polish finances – he remarked.
“There’s a contradiction here,” Mentzen remarked.
– We can’t find common ground on everything – Nawrocki replied.
During Thursday’s discussion, Nawrocki also committed that if he were elected president, he would not endorse „any legislation that increases existing taxes, contributions, fees, or introduces new financial burdens.”
However, he added that as a prospective president, he considers tax matters within the context of the broader social policy of the state. Referring to the cadastral tax, he expressed his opposition, although he acknowledged that housing „is not a standard commodity” and he himself „questions, understanding that young people are waiting for apartments that are in commercial circulation (…), where the threshold should be for owners of apartments”.
Nawrocki emphasized that he would „protect” the Polish złoty. „I oppose the euro not only for economic reasons, although those are significant,” he stated. Mentzen, however, interjected that it was PiS that limited cash transactions for businesses and imposed restrictions on cash payments.
Mentzen’s discussion with Trzaskowski is planned for Saturday at 7 p.m.
Interest rates in Poland
The Monetary Policy Council (MPC) decided in May to reduce interest rates by 50 basis points to 5.25 percent. The previous reduction in interest rates occurred in October 2023.
