Polish interest rates likely to stay on hold until 2020: central bank chief
PR dla Zagranicy
Poland’s interest rates are likely to stay intact for the rest of this year as well as next year and probably also in 2020, the country’s central bank chief has said.
Poland's central bank chief Adam Glapiński. Photo: Piotr Małecki (NBP Press Office)[CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)], via Wikimedia Commons
"When it comes to my predictions ... it seems to me that it in all likelihood there will be no reason to change the level of interest rates ... this year and throughout next year, or perhaps even longer than that – I’m thinking of 2020," Adam Glapiński, head of the National Bank of Poland (NBP), said.
He was speaking after the Polish central bank's Monetary Policy Council on Wednesday left interest rates intact.
Glapiński added that the country’s rate setters would react “if there are any events that have a strong economic and financial impact."
While it is difficult to foresee at this point what will happen in 2020 politically and socially, "we assume that no extraordinary situation will develop,” he said, indicating that a "potential trade war, for example" could upset the no-change scenario.
The reference rate in Poland remains at 1.50 percent.
The last time the rate-setting Monetary Policy Council changed interest rates was in March 2015.
At the time, after trimming rates by 50 basis points, the council said the move was “closing a cycle of monetary policy easing.”