WARSAW, Poland (AP) — Poland's central bank lowered its interest rates by 75 basis points on Wednesday despite the country's double-digit inflation rate. The move prompted concerns that the central bank was wading into politics with a premature rate cut to help the populist governing party ahead of parliamentary elections next month. The National Bank of Poland's monetary policy council announced that it was cutting the reference rate from 6.75% to 6%, and other interest rates by the same amount
WARSAW, Poland — Poland's central bank lowered its interest rates by 75 basis points on Wednesday despite the country's double-digit inflation rate. The move prompted concerns that the central bank was wading into politics with a premature rate cut to help the populist governing party ahead of parliamentary elections next month.
But Poland's robust economy is also showing some signs of slowing down and an election is approaching on Oct. 15 in which the conservative governing party, Law and Justice, is fighting for an unprecedented third term. The central bank’s governor, Adam Glapinski, is an ally of the party and has taken actions in the past to help it.
A pro-market politician, Ryszard Petru, posted a video on X, formerly known as Twitter, calling the cut a big mistake that will hurt Poles more in the end.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Polish official harshly criticizes film that explores migration crisis at Poland-Belarus borderA leading member of Poland's conservative government has sharply criticized a film premiering at the Venice Film Festival on Tuesday that explores the humanitarian disaster affecting migrants along the border between Poland and Belarus.
Read more »
Poland Buys Coastal Defense Missile Systems in $1.5 Billion DealPoland awarded a 16 billion-krone ($1.5 billion) contract to Norway’s Kongsberg Gruppen ASA for a coastal missile system as it bolsters its defenses after Russia’s invasion of Ukraine.
Read more »
Poland May Cut Rates Weeks Before Tight Election Despite Double-Digit InflationPoland’s central bank may look past inflation that’s lingering in the double digits to cut interest rates for the first time in three years, a decision that’s taken on a political dimension less than six weeks before an election.
Read more »
Poland Delivers ‘Bazooka’ to Boost Economy Ahead of ElectionPoland’s central bank cut interest rates for the first time in three years despite inflation lingering in the double digits, delivering a bigger-than-expected reduction less than six weeks before an election.
Read more »
What are economists expecting from Wednesday’s Bank of Canada rate decision?Economists are calling for the Bank of Canada to hit pause on interest rate hikes this week as the economy shows signs of overall cooling.
Read more »
Smoke projected to lift from Calgary on WednesdaySchools are limiting students\u0027 exposure to the outdoors during the bout of smoke Calgary is currently experiencing.
Read more »