Narodowy Bank Polski

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Governor of NBP on Program 1 of the Polish Radio

Date: 13-09-2021

Narodowy Bank Polski does not ignore the current high inflation: it is the number one issue in what we are doing now, says Prof. Adam Glapiński, Governor of NBP

Narodowy Bank Polski has announced that on 12 September the Governor of NBP Prof. Adam Glapiński was interviewed on Polskie Radio (Polish Radio) in the programme “W otwarte karty” (“All Cards on the Table”). The interview was about the Governor’s evaluation of the current situation in the Polish economy.

Selected statements by Prof. Adam Glapiński, Governor of NBP, are quoted below:

  1. According to this best knowledge – which is confirmed by foreign and international institutions, such as the World Bank and the International Monetary Fund […] – inflation in Poland should fundamentally slow down next year [in 2022] […]. Its level should fall significantly to be close to the upper limit of deviations from the inflation target, so somewhere around 3.5 per cent.
  2. Narodowy Bank Polski Narodowy Bank Polski does not ignore it [the high inflation index]: it is the number one issue in what we are doing now and what we have always done, because this is our constitutional and statutory task. Although we have a lot of other important commitments.
  3. We pursue our policy in total independence of the government’s policy. […] So right at the moment the policy of low interest rates we are pursuing on account of the needs of the economy, finance, credit, credit market etc., etc – it is very supportive of the government. The government – but hence also the state and the people, because low interest rates will of course radically diminish the debt servicing costs of the state. Indeed, this cost is dramatically lower, which improves the government’s budget position.
  4. If the economy takes off, if there are no more threats of lockdowns etc., then we will naturally raise interest rates, should the situation require it.
  5. We should make vast purchases of gold. We already have quite a large amount of this resource and we would like to have much more.
  6. This is an exceptionally good time for the Polish economy and there is no doubt that the whole world is envious of us, in particular Europe. However, what is a great burden on us is the EU’s climate policy […] In my opinion, this revolution is too revolutionary […] too rapid. For Poland at least, a country relying on coal, there should be different adjustment periods […] We should have a transition period at least twice as long.

NBP interest rates

Reference rate 6.75
Lombard rate 7.25
Deposit rate 6.25
Rediscount rate 6.80
Discount rate 6.85

Exchange rates

Table of 2023-02-03
1 EUR4.6920
1 USD4.2928
1 CHF4.7023
1 GBP5.2571
100 JPY3.3391

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