Poland may see interest rate cuts in July following the presidential election, according to central banker Przemyslaw Litwiniuk. Tensions between the central bank and the ruling party have resurfaced, especially after Governor Adam Glapinski's unexpected comments on delaying monetary easing until 2026, which raised concerns of political motivations.
The Polish Central Bank has postponed its outlook for interest rate cuts due to the government's decision to limit energy price reductions until next September, complicating inflation forecasts. Governor Adam Glapinski indicated that discussions on rate reductions may be delayed until at least October, potentially pushing cuts into 2026. The Monetary Policy Council maintained the benchmark rate at 5.75% during its recent meeting.
Poland's deputy central bank chief, Marta Kightley, indicated that the country has limited capacity for significant interest rate cuts in 2025 due to rising wages and consumer prices fueling inflation, alongside accelerating economic growth. This marks a shift from the previous year when the central bank reduced the benchmark rate by 100 basis points to 5.75%.
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