The Polish government will keep the cost of electricity at a reduced level next year for up to 98% of Polish companies, the development minister has said. On October 6, Mateusz Morawiecki, the prime minister, said that the government was going to present a new electricity tariff for all small and medium-sized companies (SMEs) the…
Current figures confirm a gradual slowing of Poland’s economy, the head of the Polish central bank said on October 6. Adam Glapinski said the economic slowdown would be a global phenomenon, but noted that declining economic growth might help curb inflation. He added that the main reason for the slowdown was the war in Ukraine,…
The turbulence buffeting sectors such as the energy market, which has helped drive up in inflation in Poland, appears to be abating, the head of the Polish central bank said on October 6. Turmoil on the world energy market caused by the Ukraine war and a global scramble for non-Russian sources of oil and gas…
The head of the National Bank of Poland (NBP) has said a recent cycle of interest-rate hikes is merely on hold rather than formally at an end. The NBP has increased interest rates 11 times in recent months to help combat an inflation rate that hit 17.2% in September. “It is a halt in the…
Polish retail sales went up by 8% YoY in August after a 7.6% increase in July, Eurostat, the EU’s statistics agency, reported on October 6. Month on month, retail sales went up by 0.7%, the agency also said. Retail sales in the euro zone fell by 2% in August after a 1.2% decline a month…
The Monetary Policy Council (RPP), the Polish central bank’s rate-setting body, unexpectedly broke its rate-hiking cycle despite rising inflation and kept the reference interest rate at 6.75% on October 5. The National Bank of Poland’s lombard rate remained at 7.25%, the rediscount rate at 6.80% and the discount rate at 6.85%. The RPP also left…
Poland’s rate-setting body said on October 5 its decision to put interest rates on hold was due to a forecast decline in economic growth and consumer demand, which should help to reduce the record-high inflation. In a statement issued after its decision to put all interest rates on hold in October, which broke the one-year-long…