Will the borrowers finally breathe? Unexpected announcement of Glapiński

On Wednesday, the Monetary Policy Council (RPP) under the leadership of the President of the National Bank of Poland (NBP) Adam Glapiński for the 17th time in a row decided to leave interest rates at the same level. Thus, from October 2023, the main reference rate is 5.75 percent.

Glapiński with a reduction in interest rates

When can you expect interest rate reduction? The head of the Central Bank can be hoped to borrowers yesterday. – Although the decision to maintain interest rates is unchanged, the MPP’s attitude has changed fundamentally – Glapiński, quoted by Money.pl, said during Thursday’s press conference.

– As I used to come to the meeting (MPC – ed.) And I announced that the council changed his attitude and I come as Jastrząb at the head of Jastrzębie, i.e. the sharpening of monetary policy, this time it is the opposite. One could say jokingly that I will fly as a pigeon at the head of pigeons. The Council changes the position to more pigeons, i.e. it expects the situation to change towards lowering interest rates He added.

When asked if the reduction of interest rates is possible at the next MPP meeting, Glapiński answered – It can be in May, it can be in June, it can be in July. The scale (reductions – ed.) Will result from coming in data and current analyzes. My personal view is that the cycle (interest rate discounts – ed.) Is a bit too early. I think that there should be a one -time adjustment.

The President of the NBP pointed out that inflation inflation continues to last at an increased level, but after the revision of data by the Central Statistical Office and preliminary good data for March (the reading was 4.9 percent), it is significantly lower than expected by the NBP.