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 last year 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.

Czy zmienią się stopy procentowe? Rada Polityki Pieniężnej zdecydowała https://t.co/Jnl2cuh9KD

— Gospodarka - Polskie Radio (@Gospodarka_PRSA) January 4, 2023

Inflation in Poland hit 17.5 percent in November, according to an estimate by the country’s statistics office.

Prime Minister Mateusz Morawiecki said in October 2021 that he expected “an appropriate response” from the central bank to the fastest price growth in the country in 20 years.

(gs)

Source: IAR, PAP