Glapiński gave fatal news to borrowers. “There are no reasons …”

On Wednesday, a two -day meeting of the Monetary Policy Council (RPP) ended. The body for the 15th time in a row decided to keep interest rates at an unchanged level. The president of the National Bank of Poland (NBP) and the chairman of the council Adam Glapiński spoke about yesterday’s decision during today’s press conference.

– The decision is dictated by the fact that inflation remains constantly high. Although this is due to the impact of factors independent of the NBP, we must conduct a monetary policy to prevent inflation at increased levels The head of the central bank said at the beginning of the conference.

Glapiński: In the first quarter, inflation will increase

Glapiński reminded that inflation has been at 5 % for several months, i.e. twice above the inflation target of the NBP (2.5 percent). The head of the NBP referred to forecasts, which show that also this year inflation will exceed the inflation target.

– According to current forecasts in the first quarter, inflation will increase, will increase due to a higher annual dynamics of food prices and tariff increases in gas distribution – said the president of the NBP.

– In the second quarter, the statistical effect of the base after last year’s VAT increase will work towards lower inflation. Despite this, inflation will remain similar to the first quarter, because there will be an excise duty increase for tobacco products. As a result, inflation in the first half of the year – according to current forecasts – is to be close to 5 percent. He added.

Glapiński with a reduction in interest rates

Later in the conference, Glapiński emphasized that in connection with inflation forecasts, “there are currently no reasons for changing interest rates”. From the point of view of inflation trends, there is no reason to cut interest rates.