Poland Interest Rates Won't Rise in 2023, Central Banker Kotecki Says

Polish rate-setter Ludwik Kotecki said on Wednesday that he sees scope for some small interest rates hikes this year but doesn't believe the Monetary Policy Council will decide to raise them, Reuters reported. "I would still see room for small interest rate hikes this year (...) but it probably won't happen. I just hope no one comes up with the idea of ​​lowering interest rates," Kotecki told website gazeta.pl. "It's way too early to have this discussion." He also said that inflation will be 12-13% year-on-year in the first half of 2023, well above the central bank's target of 2.5%, and that he didn't expect a recession in Poland this year. Inflation stood at 16.6% in December. The MPC kept rates unchanged this month, with the main rate at 6.75% since September, after raising them by 665 basis points over the course of a year. Read more.