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High price racing, Glapiński takes the floor. We will not allow the rising inflation to continue.”

High price racing, Glapiński takes the floor.  We will not allow the rising inflation to continue.”

The governor of the NBP confirmed in an interview with Gazeta Bankowa that inflation has risen in most countries, to its highest levels in several decades. – We have taken decisive measures to curb inflation. We have raised rates twice and will continue if necessary. Just as we were determined to save the Polish economy during the pandemic, Glapiński said, we will not allow high inflation to continue.

Will inflation start to slow down after the first quarter of 2022?

As he said, inflation will remain high until the first quarter of 2022, because “it is currently being boosted by increases in world fuel and commodity prices, the gas price boom in Europe, the effects of climate policy in the European Union affecting electricity prices and other factors.” On the other hand, our actions will prevent these shocks from permanently increasing inflation. As a result, after a few quarters, it will start to decline – said the head of the central bank.

See also: Is an anti-inflation shield a good idea? “It could have the opposite effect. Inflation is out of control”

In his opinion, Poland can afford to finance the construction of nuclear power plants. – NBP is willing to support such activities indirectly, of course within the scope of the tools available to us. He stressed that this is consistent in the long term with the powers of the Central Bank, i.e. with the aim of maintaining price stability in the medium term, because limiting the growth of energy prices will lead to a reduction in inflation.

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He pointed to a clear recovery in corporate investment after the pandemic. – In the third quarter of this year, the general index of investment optimism among the companies surveyed rose for the fifth consecutive quarter and is at a level similar to the peak of the last investment cycle in 2018. According to the latest forecasts of NBP, Glapinsky said, the volume of total fixed capital formation for institutions in the beginning By 2022, it will exceed the level recorded before the outbreak of the epidemic.

He also noted the planned transfer of a contribution from NBP earnings to the Armed Forces Support Fund, Which, in his opinion, is absolutely correct. The profit of the central bank is the income obtained mainly from the management of NBP reserves, which are national assets, while national defense is one of the most important functions of the state. (…) Legal modification will be required here. This change – if adopted – will not affect the rules for making this profit – emphasized the head of the NBP.

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Inflation rages and the government offers a “shield”

Because of the price hike, the government announced on Thursday an inflation shield. As informed Prime Minister Mateusz Morawiecki, the government plans to reduce the excise tax from December 20, 2021 to May 20, 2022 to the minimum allowed in the European Union. Additionally, from January 1 to May 31, 2022, fuel will be exempt from retail sales tax. It is also planned to reduce the value-added tax rate on natural gas from 23 to 8 percent. For three months – from January to March 2022.

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From January to March 2022, up 5 of 23 percent. The value added tax on electricity will be reduced. The consumption tax on electricity for households will be reduced from PLN 5 / MWh to zero; For other beneficiaries, the excise tax must be at the minimum allowed in the EU.

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