2025-11-07 10:18
publication
2025-11-07 10:18
From the statements of the President of the National Bank of Poland, Adam Glapiński, it could be concluded that the period of dynamic interest rate reductions is over. This is good news for the Polish zloty, which slightly strengthened against the euro and the dollar.
– If (inflation – PAP) was (…) 2.5 (percentage – PAP) and stabilized in the long term, then for me, (…) (reference rate – PAP) would be 4 (percentage – PAP) (…) I think that 4 (percentage – PAP) would not be high – said the head of the central bank at a press conference – said the president of the National Bank of Poland, Adam Glapiński, during Thursday's press conference.
After the November reduction, the NBP reference rate is 4.25%. Therefore, it is only slightly higher than the level suggested by the MPC chairman. Of course, the interest rates are decided by the entire council (i.e. by a majority of votes), and not by its chairman alone. However, he can have a huge influence on the decisions of several of the decision-makers elected by the Sejm.
– According to the President of the National Bank of Poland, the current level of interest rates in Poland fits the current situation, which, in our opinion, may suggest that in the absence of new factors, the pace of interest rate reductions may slow down in the coming months – commented PKO BP economists. They added that the market is currently pricing in a drop in the interest rate to approximately 3.65%. around mid-2026
The prospect of ending or at least a significant slowdown in the pace of easing the NBP's monetary policy favored the strengthening of the zloty. On Friday at 10:16 a.m. the euro cost PLN 4.2481 after it fell by half a grosz on Thursday and by 0.5 groszy on Wednesday. The EUR/PLN exchange rate is still close to the middle of this year's consolidation range and has been in the range of PLN 4.2250-4.3000 since April.
Globally, we observed a modest recovery in the euro-dollar pair, where in previous weeks the euro was depreciated from over USD 1.19 to less than USD 1.15. As a result, the dollar on the domestic interbank market on Friday cost PLN 3.6840.
The Swiss franc is gradually falling, reaching PLN 4.5560 before the weekend. Let us recall that three weeks ago the CHF/PLN exchange rate was attacking the line of PLN 4.60, marking the upper limit of this year's consolidation.
The British pound quotations moved towards a 5-year minimum and in the morning it was quoted at PLN 4.8260. A day earlier, sterling was valued at close to PLN 4.80 and was therefore the cheapest since December 2020.
K.K
