Poland’s central bank has lowered its interest rates by 75 basis points despite the country’s double-digit inflation rate.
FILE - A woman shops at a supermarket in Warsaw, Poland, on Dec. 9, 2022. Poland's central bank lowered its interest rates by 75 basis points on Wednesday Sept. 6, 2023 despite the country's double-digit inflation rate. The move prompted concerns that the central bank was wading into politics with a premature rate cut to help the populist governing party ahead of parliamentary elections next month.
But Poland's robust economy is also showing some signs of slowing down and an election is approaching on Oct. 15 in which the conservative governing party, Law and Justice, is fighting for an unprecedented third term. The central bank’s governor, Adam Glapinski, is an ally of the party and has taken actions in the past to help it.
A pro-market politician, Ryszard Petru, posted a video on X, formerly known as Twitter, calling the cut a big mistake that will hurt Poles more in the end. The move will provide relief to Poles with mortgages who have seen their payments rise in recent times. It should also give a boost to the economy. But it risks creating even greater inflationary pressure at a time when Poles are already suffering from painful rises in the prices of food, rent and other goods and services.
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