Updated: Feb 24, 2020
Poland’s interest rates are likely to remain where they are in the foreseeable future, the country’s central bank chief has said.
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, public broadcaster Polish Radio’s IAR news agency reported.
Glapiński has previously said that interest rates in the country were stable and that 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 that if Polish interest rates were to change, they would be more likely to go down than up, the IAR news agency reported.
Meanwhile, one of the rate setters on the Polish Monetary Policy Council, Kamil Zubelewicz, argued that interest rates should be hiked to keep inflation in check, according to the news agency.
The reference rate in Poland has remained at 1.50 percent for almost five 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.”