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Poland leaves interest rates unchanged

06.11.2024 15:00
The Polish central bank's rate-setting Monetary Policy Council left interest rates unchanged on Wednesday, keeping the reference rate at 5.75 percent.
The Warsaw headquarters of the National Bank of Poland (NBP).
The Warsaw headquarters of the National Bank of Poland (NBP).Photo: Andrzej Barabasz, CC BY-SA 4.0 , via Wikimedia Commons

The last time the panel changed interest rates was in October last year.

At the time, the Monetary Policy Council trimmed rates by 25 basis points.

The council slashed key interest rates by a combined 100 basis points last year, amid signs of subsiding inflation.

Poland’s central bank chief, Adam Glapiński, has said that the country's interest rates are likely to fall around the middle of next year if inflation is kept under control.

He told the media in September that Polish interest rates were likely to stay put until the end of this year as the market remained volatile, state news agency PAP reported.

Inflation in Poland stood at 5 percent in year-on-year terms last month, up from 4.9 percent in September, according to a flash estimate by the country’s statistics office.

The Polish central bank said in its latest Inflation Report, released on July 5, that inflation would average at 3.7 percent this year, followed by 5.2 percent in 2025 and 2.7 percent in 2026.

In 2021 and 2022, the Monetary Policy Council delivered a string of rate hikes in an effort to contain surging consumer prices.

(gs)

Source: IAR, PAP