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Poland’s central bank could hold rates in October, governor says

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Poland’s central bank could hold rates in October, governor says By Reuters

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Economy 10 minutes ago (Sep 08, 2022 15:58)

© Reuters. FILE PHOTO: Rain clouds gather near the European Central Bank (ECB) building, in Frankfurt, Germany, July 21, 2022. REUTERS/Wolfgang Rattay

By Anna Koper

WARSAW (Reuters) – Poland’s central bank could hold rates in October or raise them by a quarter of a point, governor Adam Glapinski said on Thursday, after it hiked rates this week for the 11th consecutive time amid persistent inflation concerns.

“The next increase will also be either 25 (bps) or nothing at all. That’s the logic behind it, unless something changes in these parameters we’re observing, which means that this soft landing is just around the corner,” Glapinski told a news conference.

Rate setters at the central bank (NBP) launched a policy tightening cycle last October in an effort to curb mounting consumer price growth.

The bank raised its main interest rate by 25 bps in September, the lowest increase in the current rate hike cycle so far, as it expects lower growth and continued inflationary pressure

Glapinski said on Thursday inflation should be under control by the end of next year. He added that the central bank would like to see single-digit inflation, and that anti-inflationary measures brought in by the government could start to take an effect early next year.

Poland’s central bank could hold rates in October, governor says

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