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The Warsaw Voice » Business » December 7, 2017
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Rates remain unchanged
December 7, 2017   
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Adam Glapinski
Poland's rate council remains unmoved by the latest inflation reading, Rzeczpospolita daily comments on the Tuesday MPC decision-making sitting and press conference. A part of market participants had expected the MPC statement or comments at the conference would suggest that the number of interest rate hikes proponents is rising but it turned out not to be the case.
NBP head Adam Glapinski says the latest data do not change the picture and he still expects rates will remain unchanged until end-2018. Glapinski pointed to easing wage pressure and decelerating growth of unit labor costs, both seen as "a very strong argument" in favor of council's current policy.
An unexpected element was the decision to cut interest on mandatory reserve to 0.5% from 1.35% as of January. The move, aimed at promoting long-term deposits, will improve central bank's financial result by PLN 360 million, PKO BP economists calculated.
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