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Poland's central bank raises interest rates by a quarter point

Poland's central bank raises interest rates by a quarter point

Poland's central bank increased its key interest rate by a quarter of a percentage point Wednesday, continuing a policy of gradual tightening in response to inflationary pressure.
The bank's Monetary Policy Council said it was increasing the benchmark seven-day intervention rate to 4.75 percent from 4.5 percent.
Data had showed annual wage increases holding above 9 percent in July.
In addition, Prime Minister Jaroslaw Kaczynski pledged Monday to raise Poland's minimum wage by 20 percent next year and give public-sector workers a 9.3 percent pay increase _ moves likely to boost wage pressure further.
Kaczynski is seeking early elections this fall. The Polish parliament is due to vote Sept. 7 on whether to dissolve itself _ which would trigger the early vote, two years ahead of schedule.
Economists believe that the Polish central bank is far from done raising interest rates. It already increased them by a quarter percentage point in April and June.


Updated : 2021-02-26 10:26 GMT+08:00