Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Belka Says Polish Rate Increases Remain More Probable Than Cuts

Poland’s central bank is more likely to raise interest rates than cut them as inflation stays above the bank’s 2.5 percent target, Governor Marek Belka said at a news briefing in Warsaw today.

The Narodowy Bank Polski increased its inflation forecast for this year to between 3.6 percent and 4.5 percent and cut its growth forecast to between 2.2 percent and 3.8 percent today, while the rate-setting Monetary Policy Council left the benchmark rate unchanged at 4.5 percent for a ninth month.

Following are excerpts from Belka’s comments to reporters.

On whether he still believes interest-rate increases are more probable than cuts:

“I’m sticking to that.”

On inflation:

“We’re not satisfied with the fact that inflation isn’t getting worse; it needs to get better.”

On the currency:

“There have been dramatic developments on the foreign-exchange market. The zloty weakened significantly in the fourth quarter, and in the first months of this year we’ve seen a significant strengthening.

“The zloty is closer to its fundamental value than it was before.”

On economic growth:

“Our forecasts show that inflation is slowing gradually. But the latest economic data surprised us.

“If we had had January data when we prepared our projection, the path would have been the same, but we would have seen the inflation rate falling considerably more quickly.”

Dorota Bartyzel at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.