Polish interest rates likely to hold steady: central bank chief

Poland’s interest rates are likely to stay intact until at least the end of next year, the country’s central bank chief has reiterated.

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

Glapiński last month said that Poland was among countries with the highest interest rates in Europe, public broadcaster Polish Radio’s IAR news agency reported.

Speaking in May, Glapiński said that “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.”

He also said at the time that the country’s rate setters would react “if there are any events that have a strong economic and financial impact."

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.”



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