The cycle of interest rate increases in Poland is over, said Ireneusz Dąbrowski, member of the Monetary Policy Council on Twitter. This week the MPC raised interest rates once again.
“Data analysis shows that the September hike by 25 bp (bps) was the last. In my opinion, the cycle interest rate increases in Poland it ended “- wrote Dąbrowski.
Interest rates go up again
On Wednesday, the Monetary Policy Council decided to raise interest rates by 25 basis points. This was the eleventh rate hike in the ongoing cycle that began in October 2021. The main benchmark interest rate rose from 6.50 to 6.75 percent.
The ongoing cycle of interest rate increases is related to rapidly rising prices. From the introductory ones data of the Central Statistical Office shows that inflation in August 2022 it was 16.1% year on year. Analysts expected a 15.5 percent increase in prices.
President of the National Bank of Poland and at the same time the chairman of the MPC, Adam Glapiński, said during the Thursday press conference that the Monetary Policy Council did not formally end the cycle of interest rate increases. – Our next decisions will depend on the incoming data – announced the head of the central bank.
The next decision-making meeting of the MPC will be held on October 5.
Main photo source: Shutterstock