Since the beginning of 2023, the Monetary Policy Council has returned to two-day meetings. The first meeting took place on 3 and 4 January. An interest rate decision has been made.
The Monetary Policy Council has completed its first two-day decision-making meeting this year. The meeting began on January 3, and on January 4 a decision was made, which was expected not only by borrowers, but by the entire market.
interest rates. There is a decision of the Monetary Policy Council
The Monetary Policy Council (RPP) kept the base rate at 6.75 percent, the central bank said. Q. It was also reported that at 16:30 a communiqué following the meeting of the CCM will be published, according to which the market consensus is to leave interest rates at the current level.
The Board decided to leave NBP interest rates unchanged:
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the base rate is 6.75 percent. annually;
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Lombard rate 7.25%. annually;
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deposit rate of 6.25 percent annually;
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rediscount rate of 6.80 percent. annually;
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the discount rate on bills is 6.85 percent. annually,” the statement said.
On Thursday, January 5, at 15:00, a press conference is scheduled for the President of the National Bank of Poland (NBP) and Chairman of the Monetary Policy Council Adam Glapinski.
End of the interest rate cycle?
It appears that, in line with market consensus, the Monetary Policy Council, while not explicitly saying so, has completed its cycle of raising interest rates.
- We assume - and this is a broad market consensus - that the Monetary Policy Council will not change its position at the January meeting and keep interest rates at the current level (the base rate will remain at 6.75%). In our opinion, the MPC has already completed its cycle of interest rate hikes and has de facto (because it was not officially announced) moved into a “wait and see” mode, so it will now wait for the effects of the increase. almost the entire last year This was announced by Bank Pekao economist Kamil Luczkowski.
“I don’t think there is any sensation.” Alloys - predicted in an interview with Wprost.pl prof. Marian Noga, former MPC member.
The economist noted that for the first time in a long time, the meeting of the IGC will take place before the Central Statistical Bureau publishes inflation estimates for December. What reading can we expect? The market consensus is 18%. and I think that there will be no sensation here either, although it would be a record reading - told us prof. Leg.
However, other economists, including members of the Monetary Policy Council, have long been talking about stopping the boost cycle. In their opinion, the current economic situation is not conducive to further tightening of monetary policy.
Source: Wprost
