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The Warsaw Voice » Business » July 18, 2017
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Interests rates question
July 18, 2017   
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Eugeniusz Gatnar
Poland may need to raise interest rates in H1 2018, maybe even at the beginning of next year, if inflation were to reach the target level of 2.5% at end-2019, but the target may be achieved even sooner, Monetary Policy Council member Eugeniusz Gatnar told the daily Parkiet in an interview.
The retirement age lowering and visa-free movement for Ukrainians within the EU may cause an outflow from the labor market that will increase wage pressure, he said.
At the same time, demand for labor will be increasing as the EU co-financed investments gather momentum. The rate setter does not yet factor in the planned fuel fee into his CPI forecast.
The view expressed by NBP head Adam Glapinski that rates should be left intact to the end of 2018 is shared by some MPC members, but not all, Gatnar also said. The timing of the first hike is currently the subject of debate within the council.
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