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The Warsaw Voice » Business » May 8, 2018
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Monetary Policy Council's statement
May 8, 2018   
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Eryk Lon
Poland's rate council will likely maintain rates stability in the coming months and while monetary easing is possible longer-term, no signals currently suggest such a need, Monetary Policy Council member Eryk Lon wrote in a statement sent to PAP.
"The current economic situation in our country does not require a change of interest rates," Lon said. Stability of the Polish monetary policy "is our asset and will most likely be continued in the next few months."
"Longer term different scenarios are possible, including the scenario of monetary policy easing allowing also for interest rate cuts," although at present no signals suggest such a move will be required, Lon noted.
Inflation processes are "relatively stable" with low CPI and PPI, the rate setter argues.
"Consumer inflation is close to the lower end of inflation target deviation range and PPI growth generally remains low despite the recent moderate increase," he said. "All of this makes any talk of our economy overheating unsubstantiated."
Moreover, while current level of interest rates proves supporting for investment outlays' recovery, "the share of investment spending in GDP is currently still low and therefore in my opinion Poland's monetary policy should be conducted in a way that will not hinder particular phases of the investment revival," he also said.
The current line-up of Poland's MPC has held the NBP's reference rate stable at the 1.50% point hit by predecessors in March 2015.
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