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NBP Governor: Polish deflation to disappear by year’s end

PR dla Zagranicy
Roberto Galea 07.05.2015 12:30
Members of the central bank’s rate-setting Monetary Policy Council (RPP) agree that period of deflation in the Polish economy will have ended by January 2016.
Central bank chief Marek Belka.Central bank chief Marek Belka.

“Our forecast expert assume that deflation will disappear by the end of the year. This expectation has been held for a few months,” the governor of the National Bank of Poland, Marek Belka, told a press conference on Wednesday.

“Our forecasts have been fulfilled, and remain unchanged. Everything is going as it should. Of course, we cannot say that the central bank did not see a problem of prolonged deflation, but we believe that there is no reason to panic,” Belka stressed.

He added that he is optimistic about the condition of the Polish economy. “We see that the economy has been gaining momentum [...] for several months. What made me very happy is the fact that the economy is accelerating at a moderate pace,” Belka said.

The RPP decided on Wednesday to keep interest rates at a record-low level. The benchmark rate stands at 1.5 percent. (rg)

Source: PAP

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