Are there going to be an interest rate increase in November? The President of the National Bank of Poland comments

Yesterday, the Monetary Policy Council decided to maintain the interest rates of the National Bank of Poland at the current level. The main reference rate is still 3.75 percent, the deposit rate - 3.25 percent, the Lombard rate - 4.25 percent, the rediscount rate - 3.8 percent, and the discount rate - 3.85 percent.

Let us recall that this year the Monetary Policy Council decided to reduce rates once - in March, by 0.25 percentage points.

President Glapiński: "I don't rule out a raise, but it doesn't seem likely for now"

During today's press conference, NBP President Adam Glapiński was asked by journalists about the possibility of a possible increase in interest rates in November. Yes, although I do not anticipate it - replied Glapiński, emphasizing that there are currently no grounds for such a decision, but the situation may change if the latest economic projections turn out to be disturbing.

As the president of the National Bank of Poland, I have all the data up to date. This (a rate increase in November - editor's note) is not expected yet, but I do not know for sure. Ultimately, our analysts from the Department of Economic Analysis and Research, after studying the model results and making expert corrections, will present us with projections for the coming quarters and the medium term, and the Council will make a decision - explained Glapiński.

Inflation under the microscope, decisions still open

The President of the NBP emphasized that all members of the Monetary Policy Council are determined not to miss the moment when inflation could again spread to other sectors of the economy and become permanent.

After the statements of all Council members, I repeat all of them, I see full determination not to miss the moment if inflation spreads and tends to spread to subsequent sectors and has a lasting character - noted Glapiński.