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October 4, 2022
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Negative interest rates are real in Poland – claims Adam Glapiński –

The President of the NBP, Adam Glapiński, continues to surprise. In December 2020, he stated that the Monetary Policy Council (MPC) may further reduce interest rates. Now he has new news. Negative interest rates in Poland they become quite real in his eyes. However, this is not the end …

Negative interest rates

– I allow a further reduction of interest rates, I also allow negative rates – NBP president Adam Glapiński said during the conference on Friday. He added that the rate cut will depend on the general economic situation. A possible rate hike is in his eyes “abstraction”.

He specified that the rate cut could happen just by chance “A radical deterioration in the overall economic situation.”

There may be a need to further ease the monetary policy, including by lowering interest rates. We still have a lot of room to lower rates, we analyze all scenarios and we will not hesitate to implement the scenario that will be needed to overcome the economic collapse – He said.

He also reassured that he did not expect a further strong deterioration of the economy.

We assume on the contrary – that this year, from this quarter, the economic situation will improve and inflation will be in line with the NBP target. If this scenario continues – which I assume with a high degree of probability, and it may only change due to external factors, then there will be no need to change interest rates – added.

1000 zloty banknote

This is not the end, however. If you’ve ever laughed at “wild” countries that print banknotes of ever larger denominations, other words of Glapiński should scare you. He said that the NBP may at some point start issuing a 1000 zloty note.

(…) at the beginning of the crisis, I said that there is no fear and there is no need to queue at the ATMs. I said that the National Bank of Poland will not run out of money and I said it clearly and precisely in the sense that we have a huge reserve of cash and we will serve all people. Of course, we have a stock of appropriate denominations – not everything is in 100 PLN and 50 PLN. A large part of the stock consists of banknotes with a face value of PLN 500 – added the head of the NBP. – I think that the next president, and I hope in the next term, but every president who comes will introduce a 1000 zloty note at some point.

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