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Polish Central Banker Lon Sees Rates At Record Low Through 2021

Raising interest rates in the second half of this year or even next year would be too risky, Eryk Lon, a member of the Monetary Policy Committee of the National Bank of Poland, said in an article on Monday.

Lon has called for interest rate cuts consistently and is seen as the most dovish member on the rate-setting body.

The central bank has cut the rate by a cumulative 140 points in three policy sessions since mid-March this year after the outbreak of the coronavirus, or Covid-19, pandemic.

The key reference rate is now at a record low 0.10 percent. The rate was left unchanged in June.

Elsewhere on Monday, minutes of the April 8 policy session showed that seven policymakers, including Lon, voted in favor to reduce the key interest rate by 50 basis points to 0.50 percent, while Lukasz Hardt voted against the decision.

The material has been provided by InstaForex Company – www.instaforex.com