Glapiński says interest rates may have to be raised

During the press conference, Glapiński pointed out that the persistence of high prices of raw materials for a long time increases the risk of their increases being passed on to the prices of other goods and services.

The Council clearly sees these risks and has discussed them in detail. If these risks to inflation continue to grow, the Council has authorized me to state that it is ready to act. There will be no delay - emphasized the president of the National Bank of Poland.

The President of the National Bank of Poland said at a press conference that the position of the MPC members had changed significantly compared to the situation a few months ago. At that time, the debate included considerations about possible interest rate cuts.

The attitude is clearly hawkish. This means we are afraid that these rates will have to be increased, Glapiński said.

He also noted that neither a possible rate increase nor whether it would be a one-off or would mean the beginning of a whole cycle of tightening monetary policy has been decided.

The Council's decision is not to change the rates. However, there is a big question mark over January - he added.

Energy prices and government decisions crucial for the Monetary Policy Council

In his opinion, November will be a key month for further decisions. The President of the NBP pointed out that the central bank must avoid both premature action and too late reaction.

Now is the moment when you can make certain decisions prematurely or make certain decisions too late, he said.

According to Glapiński, two areas will have the greatest impact on the Council's future decisions: the situation on global energy markets and national regulations that affect energy and fuel prices.

The MPC is to analyze primarily the final impact of these factors on inflation. The President of the NBP emphasized that price dynamics remain key for the central bank, regardless of the costs incurred by the state budget in connection with the protective mechanisms.

Glapiński assessed that a month earlier the maintenance of interest rates did not raise any serious doubts. Currently, in his opinion, the situation has become more complex.

The National Bank of Poland has already accumulated 700 tons of gold, the value of which reaches PLN 355.7 billion, Adam Glapiński also announced on Thursday. He also stated that he saw no reason to stop purchasing gold.

This is a historic achievement of the Polish central bank. The ambitious goal, adopted on my initiative, has been achieved. (...) Thus, Poland has consolidated its position among the 10 countries with the largest gold resources in the world - said Glapiński.

The reference rate remains at 3.75%.

At the meeting that ended on Wednesday, the Monetary Policy Council kept the NBP interest rates unchanged. The reference rate is still 3.75%.

Since the beginning of the year, the Council has reduced rates once - at the beginning of March, by 0.25 percentage points.