MPC sticks to previously chosen course
22:48
Interest rates were unchanged in February. The Monetary Policy Council kept them at the same level as a month earlier. Borrowers can breathe a sigh of relief, as loan installments should not rise now.
The National Bank of Poland's main rate, the reference rate, is still at 6.75 percent. The lack of change in monetary policy is the Council's fifth such decision in a row. The MPC last raised rates in September 2022, raising rates by 25 basis points then.
Marcin Kluczki, an economist at the Polish Economic Institute, points out that the MPC's decisions so far have frozen the mortgage market. According to the latest data from the National Bank of Poland, the monthly amount of newly issued mortgages fell from PLN 7.7 billion to PLN 2.1 billion over the year. That's the smallest amount since 2015, even after accounting for housing price increases.
