Poland keeps interest rates intact

The Polish central bank's rate-setting Monetary Policy Council left interest rates unchanged on Wednesday, keeping the reference rate at 6.75 percent, officials said.

The Warsaw headquarters of the National Bank of Poland (NBP).

Photo: PAP/Tomasz Gzell

The panel earlier delivered a string of rate hikes in an effort to contain surging consumer prices.

The Monetary Policy Council in September raised key interest rates for the 11th consecutive time in a bid to tame inflation.

The reference rate at the time went up by 25 basis points to 6.75 percent, from 6.50 percent, amid rising inflation.

Stopy procentowe bez zmian. Jest decyzja Rady Polityki Pieniężnej https://t.co/imQ9uULcSJ

— Gospodarka - Polskie Radio (@Gospodarka_PRSA) October 5, 2022

Prime Minister Mateusz Morawiecki said last October that he expected “an appropriate response” from the central bank to the fastest price growth in the country in 20 years.

Inflation in Poland hit 17.2 percent last month, according to a flash estimate by the country’s statistics office.

(gs)

Source: IAR, PAP