May 20, 2020 / 12:08 PM / 16 days ago

Polish rate-setter says rate hikes needed to curb inflation

WARSAW, May 20 (Reuters) - Poland needs to gradually raise interest rates to contain inflation, but not in May, rate-setter Jerzy Kropiwnicki was quoted as saying on Wednesday by state news agency PAP.

“I’m not saying that at once, in one move, but extending hikes to several stages, every 2-3 months, maybe this year or over a bit longer period we could come back to previous levels that served the economy well,” he said.

“Obviously it is too early to submit a motion to raise rates at the May 28 sitting. One needs to calmly observe the economy and react adequately to the situation.” (Reporting by Pawel Florkiewicz; writing by Marcin Goclowski; Editing by Jon Boyle)

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