DIRS.INFO The most relevant business & tech news

WARSAW, Poland (AP) — Poland’s central bank lowered its key interest rate Wednesday, pointing to a drop in inflation despite a still-high rate of 8.2% last month, raising concerns about the cut being a political move. The National Bank of Poland cut its benchmark rate a quarter of a percentage point to 5.75%. It was the second rate cut since Sept. 9, when the central bank surprisingly slashed rates by three-quarters of a point. That's far below Poland's 8.2% inflation rate. Poland’s currency, the zloty, was slightly stronger after the rate cut.

Persons: Adam Glapinski Organizations: National Bank of Poland, Inflation, European Central Bank, Law, Justice Locations: WARSAW, Poland, Ukraine

[1/2] A general view of Polish shoe retailer CCC shop is pictured, amid the coronavirus disease (COVID-19), in Warsaw, Poland, September 8, 2020. "Let me tell you, there was a time when I couldn't even afford to buy salmon, for example. Buczek has benefited from the fact that PiS has raised her pension as part of hefty welfare spending moves which, opinion surveys show, are easing Poles' concerns over high inflation. The Polish minimum wage, already the highest in central Europe, will rise by nearly a fifth next year. With many houseowners on variable loan rates, Warsaw recently extended a scheme for mortgage repayment holidays into next year.

Persons: Kacper, Jadwiga Buczek, Buczek, PiS, Steffen Dyck, Adam Glapinski, Fitch, Federico Barriga Salazar, Andrzej Kuzniak, Moody's Dyck, Kacper Pempel, Jan Strupczewski, Gergely, Mark John, Sharon Singleton Organizations: REUTERS, Reuters, Justice, European Union, European Commission, National Bank of, Sovereign Risk, Moody's, International Monetary Fund, Civic Coalition, Thomson Locations: Warsaw, Poland, WARSAW, Poland's, Europe, NBP, Brussels

Member of the rate-setting Monetary Council of the National Bank of Hungary Gyula Pleschinger speaks during an interview with Reuters in Budapest, Hungary, September 14, 2023. REUTERS/Krisztina Than Acquire Licensing RightsBUDAPEST, Sept 14 (Reuters) - Hungary's central bank could cut its base rate to 10-11% by the end of the year from 13%, a rate-setter told Reuters, warning however against big or unexpected moves amid the fallout from a larger-than-expected rate cut in Poland last week. Once that alignment takes place, the NBH will simplify its policy toolkit further, which could include making the interest rate corridor around its base rate symmetrical, he said. "From that point onwards, we will take all of our steps in a very serious, data-driven mode, looking at the market, tracking the market," Pleschinger said. Asked about the fallout from the National Bank of Poland's much-larger-than-expected 75 bps interest rate cut last week that saw regional currencies weaken, Pleschinger said Hungary's central bank should tread carefully.

Persons: National Bank of Hungary Gyula Pleschinger, Gyula Pleschinger, unwinding, Pleschinger, Disinflation, Gergely Szakacs, Hugh Lawson Organizations: National Bank of Hungary, Reuters, REUTERS, Rights, European, National Bank of, Thomson Locations: Budapest, Hungary, Poland, National Bank of Poland's

☆ Polish ruling party figures would face state tribunal after election, opposition says
▼ + stars: | 2023-09-09 | by ( ) www.reuters.com time to read: +3 min

FILE PHOTO-Poland's central bank governor-designate Adam Glapinski speaks during a hearing at a parliamentary panel at the Parliament in Warsaw, Poland May 20, 2016. Agencja Gazeta/Kuba Atys via REUTERS/File Photo Acquire Licensing RightsWARSAW, Sept 9 (Reuters) - Poland's main opposition party said on Saturday it would convene a state tribunal if it wins October's national election to consider allegations against ruling party figures and their allies, including the president, prime minister and the governor of the central bank. The central bank said that it "never comments on statements from politicians". It also says Prime Minister Mateusz Morawiecki should face a state tribunal for giving the order to attempt to hold the presidential elections by post in 2020. Most polls for the national election show PiS with more than 35% of the vote, while the KO grouping has around 30%.

Persons: Adam Glapinski, Atys, KO, Donald Tusk, Tusk, PiS, Glapinski, Andrzej Duda, Mateusz Morawiecki, Alan Charlish, Mike Harrison Organizations: Agencja Gazeta, REUTERS, Rights, liberal Civic Coalition, Justice, National Bank of Poland, Thomson Locations: Warsaw, Poland, Germany, Russia

WARSAW, Poland (AP) — Poland's central bank lowered its interest rates by 75 basis points on Wednesday despite the country's double-digit inflation rate. The National Bank of Poland's monetary policy council announced that it was cutting the reference rate from 6.75% to 6%, and other interest rates by the same amount. Economists had been expecting a rate cut, but not such a large one. In conditions of high inflation, central banks tend to raise interest rates, a move that can help bring down inflation over time by discouraging consumption. Interest rate cuts, on the other hand, make financing cheaper and tends to encourage consumers and businesses to spend more.

Persons: Adam Glapinski, Marek Tatala, “, Ryszard Petru, ” Petru Organizations: National Bank of, Law, Justice, Freedom Foundation, Twitter Locations: WARSAW, Poland, National Bank of Poland, Warsaw, Ukraine

☆ Polish central bank stuns with 75 bps rate cut, zloty plunges
▼ + stars: | 2023-09-06 | by ( Anna Koper | ) www.reuters.com time to read: +3 min

WARSAW, Sept 5 (Reuters) - Poland's central bank cut its main interest rate by 75 basis points to 6.00% on Wednesday, in a shock decision ahead of October elections that sent the zloty currency tumbling against the euro. The National Bank of Poland (NBP) said it took the decision because it expects inflation to return to target faster than originally expected. It said that the adjustment to interest rates would be "conducive to meeting the NBP inflation target in the medium term". NBP Governor Adam Glapinski had previously signalled that a rate cut could come in September if inflation fell to single digits. "We have already said that it is too early for a rate cut, and certainly such an aggressive rate cut, when the prospects (of a slowdown) in inflation are still distant," said Piotr Bielski, director of the economic analysis department of Santander Bank Polska.

Persons: Adam Glapinski, Piotr Bielski, J.P, Morgan, Wojciech Paczos, Jaroslaw Kaczynski, Anna Koper, Pawel Florkiewicz, Alan Charlish, Anna Wlodarczak, Karol Badohal, Marc Jones, Justyna Pawlak, Nick Macfie, Sharon Singleton, Marguerita Choy Organizations: Reuters, National Bank of Poland, Santander Bank Polska, Cardiff University, Justice, Thomson Locations: WARSAW, NBP, Poland, Pawel

☆ Poland wants to boost its minimum wage by 20% — and it's got economists worried
▼ + stars: | 2023-06-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

The Polish government has proposed an increase to national minimum of around 20% in 2024, a move economists believe will keep inflation higher for longer. Jan Woitas/picture alliance via Getty ImagesPoland's government has proposed a record rise in the national minimum wage of more than 23%, a move economists are worried will exacerbate double-digit inflation. In an interview with state-controlled news agency PAP last month, Polish Family and Social Policy Minister Marlena Malag said the minimum wage increase was designed to help people cope with the increased cost of living. Consumer price inflation in Poland eased in May, but still increased 13% year-on-year. He highlighted that given a "notable increase" in the number of workers that receive minimum wage in Poland in recent years, the impact of the latest increase is likely to be "meaningful."

Persons: Jan Woitas, —, Donald Tusk, Marlena Malag, Adam Glapinski, Rafal Benecki, Benecki, Nicholas Farr Organizations: Justice, Getty Images, Coalition, European, Social, National Bank of Poland, Monetary, ING Poland, Capital Economics Locations: WARSAW, Poland, Warsaw, Central, Eastern Europe, Polish, Europe

☆ No conditions for Polish rate cuts until end of 2025, says c.banker Kotecki
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

"Today there are not conditions (for rate cuts) until the end of the projection period, so until the end of 2025," he told private broadcaster TOK FM. Glapinski has said he expects inflation to fall to single digits at the turn of August and September. However, Kotecki said that inflation did not show signs of weakening and that prospects of it reaching single digits by the end of the year were receding. "What worries me is that inflation still does not show significant, lasting signs of weakening," he said. Reporting by Alan Charlish and Marek Strzelecki; Editing by Toby Chopra and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Polish central bank governor hopes to cut rates in fourth quarter
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

WARSAW, March 9 (Reuters) - The National Bank of Poland could cut interest rates in the fourth quarter of 2023, Poland's central bank governor said on Thursday, adding that he expected inflation to fall into single digits around September. "I hope that it will be possible to cut rates in the final quarter (of this year), but this is my opinion," Adam Glapinski told a news conference. On Wednesday, Poland's central bank slightly lowered its inflation forecasts for the coming three years, reinforcing expectations that interest rates will remain at current levels after it left them unchanged for a sixth consecutive month. Glapinski said he expected inflation would peak in February at around 18.5% and would then fall to single digits at the turn of August and September. Reporting by Pawel Florkiewicz, Anna Koper, Anna Wlodarczak-Semczuk, Alan Charlish; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ Polish c.bankers see CPI falling from Q2 -minutes
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: 1 min

WARSAW, Feb 10 (Reuters) - Most members of Poland's Monetary Policy Council (MPC) said inflation in will start to gradually return towards the central bank's target rage from the second quarter of 2023, according to minutes from the sitting. The National Bank of Poland (NBP) left its main interest rate unchanged at 6.75% in January. Reporting by Alan Charlish, Pawel FlorkiewiczOur Standards: The Thomson Reuters Trust Principles.

☆ Too early to talk about rate cuts, says Poland's Glapinski
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

WARSAW, Feb 9 (Reuters) - Inflation in Poland should start slowing sharply after the first quarter and could fall to an annual rate of 6% by December, but it is still too early to talk about rate cuts, Central Bank Governor Adam Glapinski said on Thursday. It is too early to discuss rate cuts." Analysts said that despite Glapinski stressing that the bank has not officially closed its rate hiking cycle, limited rate cuts in the second half of the year could not be excluded. "We see increasing chances for some initial rate cuts before the end of 2023." Romania's central bank kept its benchmark interest rate on hold at 7.0% on Thursday, the first pause after a 16-month hiking cycle as it expects inflation to fall.

☆ Polish central banker Kotecki says no room for rate cut this year
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +2 min

WARSAW, Jan 12 (Reuters) - Double-digit inflation in Poland leaves no room for loosening monetary policy this year but interest rates will not rise further, central banker Ludwik Kotecki told Reuters. Kotecki said even talking about lower rates at the moment risked weakening the impact of monetary policy. Kotecki's views follow comments last week by Central Bank Governor Adam Glapinski, who said he remained hopeful a rate cut could happen this year, despite still rising inflation rates. The MPC has de facto ended the hike cycle, although formally it is in a phase of monetary policy tightening. Talking about rate cuts at the moment is, in my opinion, a communication error," that weakens the impact of monetary policy, he said.

☆ Polish c.bank keeps rates on hold amid slowdown fears
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

All the bank's other interest rates were also left unchanged. Of 21 analysts polled by Reuters, 11 expected the main rate to rise by 25 basis points. The bank will publish a statement at 1745 GMT containing its latest economic forecasts, which Governor Adam Glapinski said would be key to Wednesday's decision on rates. On Tuesday, the Romanian central bank slowed the pace of its tightening, raising its benchmark interest rate by 50 basis points. Reporting by Alan Charlish, Anna Koper, Anna Wlodarczak-Semczuk, Pawel Florkiewicz, Marek Strzekecki Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Inflation expectations are de-anchoring from central bank targets, UniCredit CEE Chief Economist Dan Bucsa said. The situation is less clear in Poland though credit holidays to ease the burden of higher central bank interest rates are remaining heading into 2023. In western Europe, economists and financial markets largely expect price growth in the euro area to fall back to the European Central Bank's 2% target by 2024. "The upcoming general election is likely to stimulate fiscal expansion and, notably, the planned significant increase to the minimum wage from January may indeed spark a more substantial wage growth across the board." According to a Czech central bank survey, companies expect year-on-year inflation to be at 10.3% in one year and at 7.5% in three years, well above the central bank's 2% target.

☆ Poland has no ample space to hike rates, central banker Kochalski says
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

WARSAW, Oct 18 (Reuters) - The Polish central bank does not have ample room to increase interest rates amid an expected economic slowdown, central banker Cezary Kochalski said on Tuesday. Poland's inflation would remain high in coming months and the first quarter of 2023 but would not exceed 20%, Kochalski told TVN24 television in an interview. Poland has plenty of room for interest rate rises, and a hike by 100 basis points might be needed in November, fellow central banker Joanna Tyrowicz was quoted as saying earlier on Tuesday. Register now for FREE unlimited access to Reuters.com Register"I'm far from this opinion, it seems there's no room for that," Kochalski said commenting on Tyrowicz words. "Further radical interest rate hikes would bring inflation down but at a very high cost for the society," he said.

☆ Analysis: Central Europe's policymakers try to call time on rate hikes
▼ + stars: | 2022-09-27 | by ( Jason Hovet | ) www.reuters.com time to read: +5 min

Czech Crown coins are seen in front of a displayed logo of Czech central bank (CNB) in this picture illustration taken April 1, 2017. Whether it can do so will depend much on wage pressures subsiding and how much a weakening market mood will hurt its currencies. "In Hungary, I think there is still road ahead (for rate hikes)," Juraj Kotian, an economist with Erste Group Bank, said. read moreAnalysts, though, see further rate hikes even after Tuesday. In August, the inflation rate slowed to 17.2% - the first sign of a price peak in central Europe.

Search resuls for: "National Bank of Poland"

16 mentions found