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HIGHLIGHTS-Polish central bank governor's comments after rate decision
March 8, 2017 / 6:21 PM / 8 months ago

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

* For statement double click here

WARSAW, March 8 (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 here

ON RATES

”My personal opinion, which I uphold, (is that) if current tendencies are maintained then until the end of this year I see no reasons to think about changing the level of interest rates. It is hard to say what will come next.

”One has to carefully observe all tendencies. Undoubtedly, inflation indicators have risen throughout Europe, in all the western world, and there are some reasons to think that the economic situation is improving in some countries. (...)

”Our projection shows that inflation will rise due to a rise in commodity prices and food. This (price) growth will go up due to statistical effects, ease slightly afterwards and stay at a certain level.

”When will this inflection point take place? We expect it may take place at the turn of the year. But of course we will be carefully observing it to see if indeed this inflection point has taken place and this slight fall (in CPI) and later stabilisation. (...)

”We have elections in two key (European) countries, which may introduce some corrections in this scenario. And of course other events that could impact oil prices (...)

”There would be no reason to increase rates in this period that I am talking about - because we are talking about potentially raising rates here - until actually the end of next year. But I would not go that far of course.

”In my opinion there will be no reasons to think about raising rates by the end of this year.

“But I repeat, the decision has a collective nature and is expressed through a vote, if such a motion is filed. It is hard for me to say how it will be. I will be convincing members of the Council to (express) such a stance.” (Reporting by Marcin Goclowski and Marcin Goettig, editing by Ed Osmond)

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