Poland: Economists believe rates will be lowered next year

23-11-2004, 12:24

Poland/Economy/Interest rates

Warsaw (Puls Biznesu) – During the two-day meeting starting today, the Monetary Policy Council will not change interest rates, experts believe. ‘The risk that MPC was talking about in their inflation projection have not come true. Remuneration level is not growing because of high unemployment level. The latest macro data show that GDP is similar to that before EU entry. Investments are not growing, credits are falling, and increasing interest rates would worsen the situation’, Rafal Benecki, the head of economists in Bank Millenium said.

Strong zloty is also a factor causing slower price and inflation growth. Krzysztof Rybinski, the deputy CEO of the National Bank of Poland said that if the conditions remained, the inflation target of 2.5 percent could be reached earlier than planned, i.e. in the fourth quarter of 2005 or the fist quarter of 2006. Economists believe that interest rates will not be changed not only tomorrow but also in the upcoming months. The decision of MPC will be announced tomorrow in the afternoon.

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Puls Inwestora / Poland: Economists believe rates will be lowered next year