Thus, the reference rate rose to 5.25 percent. On an annual basis, the Lombard rate is 5.75%, the deposit rate is 4.75%, the re-discount rate is 5.30% and the discount rate is 5.35%. This is the eighth increase in interest rates in a row.
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Interest rates up
Everything indicates that there are more trips ahead of us interest rates. In my opinion, these increases are necessary. The most important reason is inflation that will grow – said Ludwik Kotke, member of the Monetary Policy Council of TOK FM Radio.
I think everyone predicted in May that it was going to be a 100 basis point rise, and it came in at 75 basis point. This means that an additional portion of the height is not achieved – yes He stressed that it can be explained – and carried over to the following months, either it will last longer or it will be greater.
He made a reservation that neither the number of these increases nor the amount could be stated yet.
They will definitely do that. We know today that we still have more decisions to come, perhaps in the coming months. So I imagine the council will not take any breaks in raising interest rates, because there is no reason to take such a break – he said.
Asked by the MPC member if interest rates could be reduced at the end of 2023, he said:
Maybe yes, it is possible, but it obviously depends on how strong these increases will happen this year and what their impact will be, that is, how quickly inflation will fall.
In Kotecki’s opinion, it would be advisable to meet with the Ministry of Finance and the Monetary Policy Council to discuss fiscal and monetary policy activities.
– We have such a situation in Poland, and it seems that a meeting with the Minister of Finance is desirable to talk a little about the policy mix, which is turned upside down in Poland – We dig low inflation so that it is lower and lower, and at the same time the government fills this decrease, It is actually longer. Koteke said the government is doing everything possible to make our lives and tasks difficult.
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