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Interest rates in Poland. Big raise offer. Results of the MPC vote during the January meeting

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The National Bank of Poland has published the results of the January votes of the Monetary Policy Council on the level of interest rates. Although in January they were kept at the current level, some MPC members were in favor of rate hikes.

In January, as in December, the Monetary Policy Council rejected motions for a rate hike by 100 basis points (bps), 50 bps. and 25 bps – stated on the NBP website. Only Joanna Tyrowicz voted for the motion for a 100bps hike, and for a 50bps hike. was supported by Joanna Tyrowicz and Ludwik Kotecki, and by 25 bps. only Przemysław Litwiniuk.

All other MPC members present at the meeting in January voted against each motion for rate hikes.

Earlier proposals for interest rate increases

Earlier, Tyrowicz unsuccessfully applied for a 100 bp rate hike. in October, November and December, with no support from other MPC members.

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Requests for a 50bps hike. in December were supported by Kotecki and Tyrowicz, and by 25 bp. only Litvinuk.

In January, the MPC kept interest rates on hold. at an unchanged level, including the reference rate of 6.75 percent.

Voting results of the Monetary Policy Council of January 4, 2023.

Main photo source: MOZCO Mat Szymanski – stock.adobe.com

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