The Monetary Policy Council (RPP) has decided to keep the interest rates of the National Bank of Poland (NBP) at the same level. Such a decision is in line with our expectations. The arguments for keeping the interest rates at a still high level include uncertainty about future fiscal policy. The budget for 2024 has not been adopted yet, but the fiscal deficit is expected to increase. Additionally, there is uncertainty about future inflation. The inflation path in the coming months will largely depend on administrative decisions. It seems that significant decisions regarding monetary policy will be waited until March, when the next NBP projection will be known.
Bartosz Wałecki, Analyst at Michael / Ström Brokerage House.
