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MPC Member Says Further Hikes Should Be Considered

POLAND
  • A member of the NBP’s MPC, Ludwik Kotecki, said Poland should continue tightening its monetary policy as inflation is accelerating, affecting virtually all categories of goods and services, talking on October 10.
  • - “In such a situation … maintaining negative real interest rates seems deeply inappropriate and [is an] inexplicable wait for a miracle,” Kotecki said in an interview for Business Insider Polska.
  • While the central bank’s governor has indicated that monetary policy must be wary of not just inflation but also of the negative consequences to growth that increasing interest rates could bring about.
  • - However, Kotecki notes the risk of recession in Poland is low while inflation is likely to reach “at least 20%” in 2023. Therefore, not hiking interest rates in reaction to such a strong price growth would be “hoisting a white flag.”
  • -The MPC will wait until the November inflation projection drafted by central bank economists to make up its mind, Kotecki said in the interview. “It will be a very important document. I think it will persuade the majority of the Council to think about rate hikes again,“ Kotecki told Polsat News.
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