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Poland bank governor says interest rate cut justified by falling inflation

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The governor of Poland’s central bank says its large interest rate cut is justified despite high inflation because prices are stabilizing and the era of high inflation is ending.

Poles have been suffering from sharply rising prices of food, rents and other goods. Inflation reached over 18% earlier this year and registered 10.1% in August.

Although the bank’s inflation target is 2.5%, Glapinski said conditions have already been met for cutting interest rates. The zloty currency fell against the dollar and euro as he spoke to reporters, continuing its sharp decline after the interest rate cuts were announced on Wednesday.

 

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