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Interest rates – May 2023. Results of MPC votes on interest rate hike

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Interest rates have remained unchanged since September 8, 2022. However, during the May meeting of the Monetary Policy Council (MPC), two motions for rate hikes appeared. The voting results were published on the website of the National Bank of Poland (NBP).

In May, the Monetary Policy Council (MPC) again rejected requests for an increase in interest rates by 100 and 25 basis points, the NBP informed.

Only Joanna Tyrowicz voted for the motion for an increase of 100 basis points. The other members – Adam Glapiński, Ireneusz Dąbrowski, Iwona Duda, Wiesław Janczyk, Cezary Kochalski, Ludwik Kotecki, Przemysław Litwiniuk, Gabriela Masłowska and Henryk Wnorowski were against.

The motion for an increase of 25 basis points was supported by Kotecki, Litwiniuk and Tyrowicz.

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Monetary Policy Council – compositionPAP/Maciej Zielinski

Failed attempts to raise interest rates

Tyrowicz has unsuccessfully applied for a 100 basis point rate hike at every MPC meeting since October, with no support from the other members of the Monetary Policy Council.

In the previous months, Litwiniuk and Kotecki also unsuccessfully applied for a 25 bp rate hike.

Read also: Tyrowicz: As a member of the MPC, I see a huge mountain

MPC decision – June 2023

At the last meeting (June 5-6) the MPC also did not change interest rates. Thus, the main NBP interest rate, i.e. the reference rate, is still 6.75 percent, the deposit rate is 6.25 percent, the Lombard rate is 7.25 percent, the discount rate is 6.85 percent, and the rediscount rate is 6.80 percent. The June meeting was the ninth in a row when the MPC did not change interest rates.

interest rates [czerwiec 2023 r.]PAP

It is not known whether there were proposals to raise interest rates during the June meeting. In the event that the Council does not adopt a resolution, information on the motion and positions taken by Council members in the vote are published on the NBP website six weeks after the date of voting.

The next MPC decision-making meeting will be held on July 5-6.

Main photo source: Shutterstock

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