President of the National Bank of Poland (NBP), Adam Glapiński, said that the influx of immigrants to Poland would mean economic acceleration. – They create additional demand as well as additional labor supply. During the press conference, after the decision to raise interest rates, the NBP president also talked about the condition of the Polish economy.
– The entire Monetary Policy Council in its new composition is determined to bring inflation to the target as soon as possible. We will be consistent and unyielding in this. I will repeat what I said recently. I stand here as a hawk at the head of hawks – said Glapiński. He also announced that further interest rate hikes should be expected, but he did not specify their maximum level.
In Glapiński’s opinion, inflation reaches record levels everywhere in the world, and the dynamics of prices is significantly increased – in Poland and in almost all countries of the world. The NBP governor announced that for the time being Poland would be affected by higher and higher inflation, however, as he claims, inflation factors will fade over the years.
The NBP president added that the foundations of the Polish economy are very strong and there are no crisis phenomena in our country. According to the head of the central bank, we have a strong export and labor market, there is practically no unemployment in Poland, and we got through the pandemic crisis comparatively unscathed.
Glapiński also warned of the panic related to the Russian invasion of Ukraine. – There is no need to panic, there is no reason to withdraw zlotys from ATMs. We are in no danger, believe me, I am one of the best-informed people in the country – stated the President of the National Bank of Poland.
The NBP president also referred to the situation related to the war in Ukraine. According to him, the influx of immigrants has a positive effect on the country’s economy.
– They create additional demand as well as additional labor supply. I say this to all those who are concerned about the economic consequences. The influx of migrants means an economic acceleration – noted Glapiński.
The Monetary Policy Council raised all interest rates by 0.75% on Tuesday, from 2.75%. up to 3.5% – the National Bank of Poland informed in a press release. This is the sixth increase in interest rates in a row. The first of a series of increases took place in October of last year and since then the Monetary Policy Council has raised rates every month.
Arkadiusz Słomczyński