Zarzecki, who took over on December 22, 2025, agreed with the January decision to leave rates unchanged. He recalled that in 2025, the Monetary Policy Council reduced the main interest rate by a total of 175 basis points, including at each of the five subsequent meetings.
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In his opinion This is a sufficient signal that a pause and a more thorough assessment of the economic situation are now needed.
Interest rates down? There is no “automatic green light”
Zarzecki, in an interview with Bloomberg News, pointed out that even low inflation data should not be treated as an automatic impulse to further ease monetary policy. — Markets should not treat upcoming inflation data, even if they remain low, as an “automatic green light” for further easing of monetary policy, he stressed.
Ludwik Kotecki, also a member of the MPC, has a different opinion and suggested that the cuts may return in February. Zarzecki, however, is much more cautious about these announcements. — It would be premature and risky to conclude at this stage that the break in rate increases may end in February – he said in an interview with Bloomberg.
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March will be crucial
The new Council member emphasizes that the current strategy is to keep rates at a “reasonable level”. — Maintaining interest rates at a reasonable level increases the anti-inflation effectiveness of the central bank and strengthens the process of anchoring expectations regarding price increases – he added.
March is expected to be decisive for the Monetary Policy Council's next steps, when the National Bank of Poland will publish a new inflation projection and revised Central Statistical Office data. It is worth remembering that core inflation in December 2025 was 2.7%, which is the same as the month before.
Marcin Zarzecki was appointed to the MPC by President Karol Nawrocki and replaced Cezary Kochalski. The term of office of Council members lasts six years and cannot be repeated, which makes their decisions have long-term significance for the country's monetary policy.
