— Next Wednesday, the mechanism for generating a central bank profit based on gold reserves will be shown, a person close to the central bank president's entourage tells us.
“SAFE 0 percent” – this is the name of the alternative announced on Wednesday to the EU loan of over EUR 40 billion by President Karol Nawrocki and the President of the National Bank of Poland, Adam Glapiński.
Today, the head of state and PiS are questioning the wisdom of reaching for money from SAFE, which has a more favorable interest rate than if we borrowed the money on the financial market.
The plan of the president and the president of the National Bank of Poland assumes financing of armaments with the amount of PLN 185 billion without taking out EU loans.
– We have a specific Polish, safe and sovereign alternative for SAFE – said Karol Nawrocki at a press conference.
— Poland's defense, the survival of the Polish sovereign and independent country is above all else. When political divisions disappear, we can do a lot – then we are powerful as a nation and as a state. The National Bank of Poland is ready for such work, echoed Adam Glapiński.
SAFE zero percent The essence of solutions
Both the president and the president of the NBP were very sparing when it comes to the mechanism of operation of the alternative to the EU SAFE fund.
However, Business Insider managed to learn the details of these solutions.
– The President of the National Bank of Poland wants to sell gold and buy it immediately. On the one hand, such an operation will not deplete the NBP's foreign exchange reserves, and on the other hand, it will allow to show the realized profit on the difference between the purchase price and the selling price of gold – a person familiar with the background of the “SAFE 0%” proposal told us a few days ago.
— This would be a temporary sale to be able to show a profit that is subject to payment to the state budget – adds our informant.
See also: Plan for “SAFE 0 percent”. “The President of the National Bank of Poland wants to sell gold and buy it immediately”
He adds that this is the basic scenario and the easiest to implement, because in accordance with the regulations, the central bank cannot record the difference from the valuation of gold in its resources as profit, and the value of the precious metal held by the NBP has increased significantly in recent years.
To make such an accounting operation possible, it is necessary to change the regulations. Perhaps we will learn the details of the proposed changes on Wednesday.
On Saturday morning, on Platform X, Leszek Skiba, one of President Karol Nawrocki's economic advisers, lifted the veil of secrecy. In his opinion, the example should come from the south.
According to the plan's assumptions, the NBP would adopt the accounting of its Czech counterpart.
