Latest news with #LudwikKotecki
Bloomberg
3 days ago
- Business
- Bloomberg
Poland's Kotecki Says MPC Is Turning Cautious on Further Easing
Polish policymakers are turning increasingly cautious toward further interest-rate cuts due to growing political instability and concern over a bloated budget, central banker Ludwik Kotecki said. The Monetary Policy Council member told Bloomberg News that he's not certain if a majority on the 10-member panel will be found to reduce rates either in July or in September, potentially pushing back easing until the fourth quarter at the earliest.
Bloomberg
09-05-2025
- Business
- Bloomberg
Polish Policymakers Intend to Go Slow With Further Rate Cuts
Poland shouldn't rush to reduce interest rates further after this week's cut because inflation risks remain high, according to two policymakers. The comments from Monetary Policy Council members Ludwik Kotecki and Henryk Wnorowski on Friday echo sentiment from Governor Adam Glapinski, who said that Wednesday's 50 basis-point cut shouldn't be seen as the start of an easing cycle.
Reuters
23-04-2025
- Business
- Reuters
Two Polish central bankers signal potential May rate cut
WARSAW, April 23 (Reuters) - Two Polish central bankers were quoted on Wednesday as saying there could be an interest cut in May, in the latest signs of an increasingly dovish stance from the Monetary Policy Council. Poland's main interest rate has been at 5.75% since October 2023, but with the outlook for inflation lower than previously thought a growing number of policymakers have been signalling that the cost of credit may soon fall. In an interview published on Wednesday, MPC member Gabriela Maslowska told Bloomberg News that there could be a 25-basis-point rate cut in May, depending on inflation data for April. "It can't be ruled out that interest rates will be cut in May," she was quoted as saying. "The CPI reading for April and especially the July projection will be crucial for the decision to cut interest rates in the coming months." Meanwhile, central banker Ludwik Kotecki was quoted as saying by state news agency PAP that the latest economic data in Poland supported a rate cut in May. "May is the moment when the Council should, in my opinion, make a decision, the first one, after a dozen or so months - because the last cut was in October 2023, and inflation has changed by over 50% since then," the MPC member said. "Considering that the indicators for February and March are not the best, and wage dynamics have been falling for another month, I see no arguments against lowering interest rates today." Wage growth in Poland slowed for a fourth month in a row in March and industrial output was lower than expected in data published on Tuesday, which analysts said could boost the case for cutting interest rates as soon as May. Data published on Wednesday showed that retail sales also fell in March for the second month in a row, in what economists said was another argument for a quick start to monetary policy easing. Kotecki repeated that in his opinion interest rates could be cut by 100 basis points in 2025.
Reuters
04-04-2025
- Business
- Reuters
Polish central banker Kotecki expects May rate cut
WARSAW, April 4 (Reuters) - It is highly likely the central bank of Poland will cut rates in May and that this year's reduction in the cost of credit could reach 50-100 basis points, central banker Ludwik Kotecki told private broadcaster TOK FM on Friday. The National Bank of Poland has kept its main interest rate at 5.75% since October 2023. However, on Wednesday, NBP Governor Adam Glapiński abandoned his previously hawkish views and did not rule out cutting interest rates as early as May. "It seems that it is very, very, very possible. And the argument that will prevail will of course be the March data on the economy (will be published in April)," Kotecki said. "I have been saying for months that doves hatch from these hawk's eggs, and they did hatch ... And there are quite a lot of these doves in this council." Kotecki maintained his position that this year the scale of interest rate cuts in 2025 could amount to 50-100 basis points, and next year they could fall by another 100 basis points. "This economy needs interest rate cuts," Kotecki said. "The situation is better from the point of view of inflation and yet weaker from the point of view of the real economy. Therefore, there are strong arguments to start talking about these cuts, because 5.75% (the main interest rate) with such data is clearly too much." The Monetary Policy Council member also said the Polish economy may not suffer any direct consequences initially from the introduction of new customs tariffs by the U.S., but their indirect effects may become visible next year.
