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HIGHLIGHTS-Polish central bank governor's comments after rate decision
January 11, 2017 / 4:54 PM / a year ago

HIGHLIGHTS-Polish central bank governor's comments after rate decision

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WARSAW, Jan 11 (Reuters) - Following are comments by Polish central bank governor Adam Glapinski delivered on Wednesday after the bank left its benchmark interest rate unchanged at a record low of 1.50 percent.

The central bank's statement after the decision is available at


I absolutely see no such reason (to change rates in 2017). Inflation will slowly rise in my opinion ... and rates will remain constant ... encouraging development. Once this development happens, then the time for interest rate increases will come, but not this year.

I think that if this economic growth lasts, and this growth accelerates, then 2018 (will be the right time for raising rates).


Everything suggests that we will touch the lower range of the band this year, but I don’t think that we will touch the target itself this year.


We are at a level where politics affects the economy only slightly ... investors know the specifics of Poland’s (situation), and they know that politics have no impact on Polish finances.


As far as investment is concerned, the investments’ decline is connected almost entirely with the delay of the implementation of the EU funds, which happens not only here, but also in other countries in the region.

It is hard to say ... whether investments will start to rise massively in the second or third quarter. Potential GDP growth amounts to about 3.5 percent, and we want to have this 3.5 percent fully satisfied, to catch up with the level of economic development of Western European countries.


The issue of (imposing additional tax on banks with huge Swiss franc credit portfolios) has appeared, but I reject it. We think one should not impose an additional burden.

Poland has a major stake in Polish banks now. This is really a great success, and this will be enough, I think, this 55 percent share (of locally controlled banks in the banking sector) is sufficient.

Eventually, these banks should be fully private, in Polish shareholders’ hands. (Reporting by Marcin Goclowski; Editing by Louise Ireland)

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