Polish budget policy could make it harder to tame inflation - MPC's Litwiniuk

Saturday, May 14, 2022

WARSAW (Reuters) - Bringing Poland's inflation down to the central bank's target over the next two years will be difficult if the government increases its efforts to boost consumption, Monetary Policy Council (MPC) member Przemyslaw Litwiniuk said on Saturday.

Last month, the government announced a plan to help borrowers struggling with higher rates on mortgage loans amid the highest inflation in more than two decades. Poland has also lowered taxes on energy to tame the effects of higher prices for consumers.

"(Hitting the inflation target) depends on budget policy, if we keep observing more transfers of funds for consumption, it will be very difficult. No rate hikes, even to the level of the real interest rate, will change that," Litwiniuk told TVN24 television.

Pointing to campaigning ahead of general elections planned for 2023, Litwiniuk - a university professor who was appointed to the MPC in January - said Polish inflation may remain elevated until 2025.

Poland started a tightening cycle in October, later than central banks in the Czech Republic and Hungary. Its main interest rate currently stands at 5.25%, while inflation hit 12.4% year on year in April compared to the central bank's inflation target of 2.5% with a tolerance of +/-1 percentage point.

The mortgage plan would allow borrowers to make interest-free repayments on some installments and create an aid fund, worth 3.5 billion zloty from commercial banks' profits.

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22-05-2022 12:07:55 (UTC+7)

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EUR/USD	1.0562	↑ Buy
GBP/USD	1.2489	Neutral
USD/JPY	127.86	Neutral
AUD/USD	0.7039	Sell
USD/CAD	1.2839	↑ Buy
EUR/JPY	135.05	Neutral
EUR/CHF	1.0296	↑ Buy

Gold	1,845.10	↑ Buy
Silver	21.765	↑ Sell
Copper	4.3042	↑ Buy
Crude Oil WTI	110.35	↑ Sell
Brent Oil	112.91	↑ Sell
Natural Gas	8.058	↑ Sell
US Coffee C	216.48	↑ Buy

Euro Stoxx 50	3,657.03	↑ Buy
S&P 500	3,901.36	↑ Buy
DAX	13,981.91	Buy
FTSE 100	7,389.98	Neutral
Hang Seng	20,717.24	↑ Sell
Small Cap 2000	1,773.27	↑ Buy
IBEX 35	8,484.50	Neutral

BASF	48.850	Buy
Bayer	63.74	Buy
Allianz	195.58	Buy
Adidas	172.80	Buy
Lufthansa	6.852	↑ Sell
Siemens AG	115.08	Neutral
Deutsche Bank AG	9.362	Buy

Mua/Bán 1 chỉ SJC # So hôm qua # Chênh TG
SJC Eximbank	6,875/ 6,975 (6,875/ 6,975) # 1,795
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SJC Nhatrang	6,895/ 6,987 (0/ 0) # 1,802
SJC Cantho	6,895/ 6,987 (0/ 0) # 1,802
Cập nhật 22-05-2022 12:07:58
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DO 0.05S	26.650	27.180
DO 0,001S-V	27.450	27.990
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Brent	$110.60	0	0%

$ Tỷ giá Vietcombank
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EUR	23.879,54	25.217,23
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JPY	176,49	186,84
KRW	15,80	19,26
Cập nhật lúc 12:01:38 22/05/2022 Xem bảng tỷ giá hối đoái