Poland continues to march to the beat of a different drummer. Everywhere else in the civilized world, central banks are worried about not squashing the life out of economies, but not the Poles. With growth of as much as 4% forecast for 2011, a member of the bank’s Monetary Policy Council told Business Week the bank would consider raising rates.
“My view is that rate increases are much more probable,” Andrzej Bratkowski said. “Poland is back to a normal situation and can conduct a normal, classical policy of stabilization.”Narodowy Bank Polski has kept its seven-day reference rate at a record low of 3.5 percent for the past 12 months, helping Poland, the largest of the European Union’s eastern members, avoid recession during the global financial crisis. The central bank raised its forecasts for economic growth and inflation in a report published July 2.