The February meeting of the Monetary Policy Council ended with the interest rate remaining at the level of 6.75 percent. However, some members wanted further monetary tightening. We know the results of the vote.
Not all members of the Monetary Policy Council are in favor of keeping interest rates at current levels. Recall that the February two-day meeting of the IGC ended with a decision not to interfere with the level of 6.75 percent.
Three members of the MPC for an interest rate hike
Three members of the Council spoke in favor of resuming the cycle of raising interest rates. The highest height was proposed by Joanna Tyrovic. Her proposal for an increase of as much as 100 basis points was put to the vote. Only the applicant voted in favor, while the other nine members were against.
Two other members of the Senate, Przemysław Litviniuk and Ludwik Kotecki, also applied for promotions. Both were in favor of raising the base rate by 25 basis points to 7%. Only the applicants voted for the proposal. Eight deputies were against.
Recall that the IPC raised interest rates from October 2021 (from 0.1%) to September 2022. In the following months, it kept the monetary policy parameters unchanged.
Is the peak of inflation behind? Litvinyuk explains
- If we talk about indicators measured by traditional methods, then yes. The figures are expected to fall, but as I emphasize every time, this does not mean that prices will start to fall. According to the March forecast of the National Bank of Poland, prices will continue to rise over the horizon of this two-year forecast, but at a slower pace - he said in Business Studio Gazety.pl. MPC member Przemysław Litvinyuk.
– We will get to the point where external factors will become less and less important (unless something extraordinary happens), we will have to deal with internal factors, this struggle will be more difficult – added.
Source: Wprost
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