Central bank may cut interest rates still this year says PM

2023-05-26 13:53 update: 2023-05-29, 12:23
Mateusz Morawiecki. Photo PAP/Rafał Guz
Mateusz Morawiecki. Photo PAP/Rafał Guz
Mateusz Morawiecki, the Polish prime minister, has said there is a chance that the central bank will cut interest rates before the end of this year.

"Unless there are some absolutely extraordinary circumstances, such as another great energy crisis, inflation will fall until the end of the year and there is hope for interest rates cuts in the fourth quarter of this year," he told Polish Radio on Friday. 

On Monday, the Central Statistical Office (GUS) reported that in April prices of consumer goods and services (Consumer Price Index, CPI) settled at 14.7 percent year on year and by 0.7 percent month on month. 

During its May sitting, the Monetary Policy Council (RPP), the Polish central bank's rate-setting body, kept the reference interest rate at 6.75 percent and left all other interest rates unchanged for the eighth time, following 11 consecutive increases aimed at curbing inflation. (PAP)