NBP Governor Glapiński says Poland may raise rates in January — RMF24

National Bank of Poland Governor Adam Glapiński said that Poland’s Monetary Policy Council may raise interest rates in January if inflation risks intensify. For now, the regulator has left rates unchanged, while the NBP reference rate remains at 3.75%. This was reported by RMF24.

Risks to inflation

According to Glapiński, the outlook for the new year has become less certain. Among the risks to inflation, he cited persistently high prices for energy commodities and domestic regulatory decisions affecting the cost of electricity and fuel.

The NBP governor noted that a prolonged increase in commodity prices could affect the cost of other goods and services. According to him, the Council sees these risks and is ready to act if they intensify. He stressed that the regulator will not delay its response if inflationary threats increase.

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No decision on rates has been made yet

Glapiński said that the position of Council members has changed significantly compared with the situation several months ago, when the possibility of rate cuts was discussed. At the same time, he cautioned that a decision to raise them has not yet been made. It is also unknown whether this could be a one-off move or the beginning of a monetary policy tightening cycle.

In the NBP governor’s view, November will be an important month for further decisions. The Council must assess the final impact of energy prices and state regulation on inflation. Since the beginning of the year, the Polish regulator has cut rates once — by 0.25 percentage points in early March.

During the press conference, Glapiński also said that the NBP had accumulated 700 tonnes of gold worth 355.7 billion zlotys and saw no reason to stop purchasing the metal.