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Central bank head doesn’t exclude interest rate hike

"The need has arisen to accommodate the monetary policy, or raise the interest rates, but this should not overshadow a broader scope of challenges that our economy faces," Glapiński said at a conference focused on the Polish economy, Congress 590.
Rafał Guz/PAP

Poland is facing a raise of its record-low interest rates, Adam Glapiński, the central bank’s governor, told an economic congress on Tuesday.

Poland has been struggling with rising inflation which has recently reached 5.4 percent, a level not seen in the past two decades.

But so far the National Bank of Poland has refused to raise the near-zero interest rates that it introduced at the onset of the coronavirus pandemic in the spring of 2020, arguing the move could dent the revival of the Polish economy which has suffered from the crisis caused by the pandemic.

“The need has arisen to accommodate the monetary policy, or raise the interest rates, but this should not overshadow a broader scope of challenges that our economy faces,” Glapiński said at a conference focused on the Polish economy, Congress 590.

“Let us not fool ourselves – a long-lasting economic success can’t be achieved solely through quick and temporary measures, such as anti-crisis actions,” Glapiński went on to say.

However, economists warn that any interest rate hike is likely to have an effect on inflation in at least several months’ time, while some of them predict inflation may peak at as much as seven percent later in the year.


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