Polish interest rates likely to stay put: central bank chief

Adam Glapiński, head of the National Bank of Poland (NBP), was speaking after the Polish central bank's rate-setting Monetary Policy Council on Wednesday left interest rates intact.

He reiterated his prediction that Poland’s interest rates were likely to stay intact until at least 2022, the money.pl website reported.

Glapiński told a banking conference in March that interest rates in the country were stable and that, in view of forecasts at the time, there appeared to be no reason for them to change until the current team of rate setters end their term in 2022.

Speaking at a news conference in Warsaw on Wednesday, Glapiński said, as quoted by the money.pl website: “There is no indication that interest rates could change, and it may well be that they will stay intact until the end of the Council’s term.”

He added: “The rates are where they should be."

The reference rate in Poland has remained at 1.50 percent for more than four years.

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.”

(gs)

Source: money.pl, IAR