Polish finance minister says sees no need for interest rate hike |
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Wed, 22 Aug 2007 17:13
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WARSAW (Thomson Financial) - There is no need for further hikes in Polish interest rates, finance minister Zyta Gilowska said, adding she expects Poland's economic growth in the third quarter to be at least 6.0 pct.'There is no need to hike interest rates,' Gilowska told reporters. 'The Fed should be an example, as in the face of stock market crisis they cut one of the US interest rates.''Main inflation indicators are below the central bank's goal, even though this year's average inflation rate may exceed 2.0 pct.'The Polish central bank has raised the borrowing costs twice this year, in April and June, to 4.5 pct and analysts expect further increases despite inflation hovering below the bank's 2.5 pct target.'With all certainty, the pace of economic growth in the third quarter will be of at least 6.0 pct or a touch higher,' Gilowska added.pawel.sobczak@thomson.com +48 22 447 2430ak1/lamCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Finance minister says Poland's budget gap to be at 2.9 pct of GDP in 2009 