Polish central bank hikes rates 75bp

national-bank-of-poland

Poland’s monetary policy council raised its policy rates by 75 basis points on May 5.

Poland is currently experiencing its worst inflation figures in 24 years. The Czech Republic, which is also facing its highest inflation in 24 years, also upped rates by the same margin on May 5.

The National Bank of Poland’s 10-member MPC raised the reference interest rate to 5.25%, the eighth consecutive increase since October. In total, the it has raised the rate by 515bp from its pandemic floor of 0.1%.

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