SOPOT, Poland--Poland's economic recovery isn't under threat with most recent data confirming the belief that gradual expansion continues, central bank governor Marek Belka said Wednesday night.
Belka added interest rates will remain unchanged until end of 2013 with no signs of inflation pressures in the economy, and the council will likely provide guidance early next year.
"The economy may not be rocking, but there are more and more signals, like the latest unemployment drop or retail sales, that recovery continues its recovery," Mr. Belka said.
"We won't change interest rates until end of the year, and then we'll see, but likely we will present some form of forward guidance."
With annual growth in the second quarter at 0.8%, well below 4.5% in 2011, some other members of the 10-strong rate setting panel signalled interest rates could remain on hold even until the last quarter of 2014.
As the Central and Eastern Europe's top economy slowed rapidly in the recent quarters and inflation decelerated to 1.1% in August from around 4% in mid-2011, the Polish central bank slashed borrowing costs to an all-time low of 2.5% in July from 4.75% in November of 2011.
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Belka added interest rates will remain unchanged until end of 2013 with no signs of inflation pressures in the economy, and the council will likely provide guidance early next year.
"The economy may not be rocking, but there are more and more signals, like the latest unemployment drop or retail sales, that recovery continues its recovery," Mr. Belka said.
"We won't change interest rates until end of the year, and then we'll see, but likely we will present some form of forward guidance."
With annual growth in the second quarter at 0.8%, well below 4.5% in 2011, some other members of the 10-strong rate setting panel signalled interest rates could remain on hold even until the last quarter of 2014.
As the Central and Eastern Europe's top economy slowed rapidly in the recent quarters and inflation decelerated to 1.1% in August from around 4% in mid-2011, the Polish central bank slashed borrowing costs to an all-time low of 2.5% in July from 4.75% in November of 2011.
nasdaq.com
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