Poland keeps interest rates unchanged

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).

Photo: PAP/Tomasz Gzell

The panel earlier slashed key interest rates by a combined 100 basis points, amid signs of subsiding inflation.

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

Stopy procentowe pozostają bez zmian. Jest decyzja Rady Polityki Pieniężnej https://t.co/DV2K6UgIrn

— Gospodarka - Polskie Radio (@Gospodarka_PRSA) November 8, 2023

Inflation in Poland stood at 6.5 percent last month, down from 8.2 percent in September, according to a flash estimate by the country’s statistics office.

Poland’s central bank chief, Adam Glapiński, has predicted that the Polish economy will avoid a recession in 2023 and that inflation will be in the single digits at the end of this year.

The Polish central bank said in its latest Inflation Report, released on July 10, that inflation would average at 11.9 percent this year, followed by 5.2 percent in 2024 and 3.6 percent in 2025.

(gs)

Source: IAR, PAP