In line with analysts’ expectations, the MPC cut rates by 25 bps, bringing the reference rate down to 2.50%. As we anticipated, the statement announced that the easing cycle had indeed been ended: ”The decision to lower NBP interest rates made at the current meeting ends the loosening cycle of monetary policy”. This was confirmed during the press conference by Governor Belka who was full of optimism regarding the future of the Polish economy. He also stated that he would happily see the economic situation improving so markedly that the Council would be willing to raise interest rates. Such a declaration by a central banker is a clear indication as to which scenario would be favored by the Council in right macroeconomic circumstances.
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