July 24, 2020 / 11:08 AM / 14 days ago

Polish central banker Zyzynski sees rates unchanged until 2022 - PAP

WARSAW (Reuters) - Polish interest rates are likely to remain unchanged until 2022, state-run news agency PAP quoted central banker Jerzy Zyzynski as saying on Friday.

The central bank has cut rates three times to almost zero this year and launched large-scale bond purchases to help the economy overcome the coronavirus crisis.

“The most probable scenario is stabilizing rates at the current level until the end of the (inflation) projection horizon” in 2022, PAP quoted Zyzynski as saying. He added that after a temporary acceleration of inflation in June, prices are expected to stop rising in a month or two.

“Stable inflation should be reflected in stable interest rates, because stability and predictability are very important in monetary policy,” Zyzynski also said.

Central bank governor Adam Glapinski said on Thursday that rates are expected to remain stable.

At its latest monthly meeting earlier in July the central bank left its benchmark interest rate unchanged at 0.1%.

Reporting by Agnieszka Barteczko; Editing by Hugh Lawson

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