Interest rates in Poland are currently at the right level, according to Adam Glapiński, the president of the National Bank of Poland (NBP) and the chairman of the Monetary Policy Council (RPP) He added that when Poland is back on a stable path of economic growth, interest rates will rise.
"The interest rates are at the right level – there is no doubt. They stabilized our situation, prevented a major economic collapse in the period of crisis that is already behind us," Glapiński said in an interview with ISBnews.
The head of the central bank added that the rates in Poland do not differ from those in comparable countries.
The RPP cut interest rates three times this year – by 1.4 percentage points in total. for the main reference rate, which is now 0.1 percent.
The NBP president also pointed to the role of gold purchases by the central bank and did not rule out an increase in gold resources.
"Gold purchases have brought us to this narrow circle of countries that have adequate gold resources, a stable financial reserve proportional to what we must have," Glapiński pointed out.
According to him, the purchase of gold in 2018-2019 was particularly advantageous as gold prices were very low. In 2018, NBP purchased 25.7 tons of gold, and in 2019 - another 100 tons. In November 2019, the central bank completed the procedure of bringing gold to vaults in Poland from England.
Glapiński believes that the turmoil on world markets has in no way affected Poland and the Polish monetary system, including the banking system. In his opinion, the Polish financial and banking system is particularly stable. It is not endangered by anything.
"We are a country with healthy public and national finances," he summed up.