World Bank on NBP: “The policy response of Narodowy Bank Polski has been swift and large and effective” – Asli Demirgüç-Kunt, Chief Economist of the World Bank
Narodowy Bank Polski informs that today the website “Obserwator Finansowy” has published an interview with Asli Demirgüç-Kunt, the Chief Economist of the Europe and Central Asia Region of the World, where she speaks, among others, on the economic situation in Poland, including the measures taken by Narodowy Bank Polski in view of the pandemic, and also presents forecasts for Poland for the coming year.
“The policy response of Narodowy Bank Polski has been swift and large and effective in limiting the economic scarring effects of the pandemic. Adequate liquidity provision remains critical in the short-term given the second wave of the pandemic,” judges the economist.
She believes that, “exceptional policy accommodation is expected to continue throughout 2021, including near-zero policy interest rates in Poland.”
“Along with spillovers from accommodative monetary policies in advanced economies, these [asset purchase] programmes appear to have contributed to financial market stability, including in Poland. For example, in Poland, NBP balance sheets have expanded by more than asset purchases on account of increased liquidity provision to banks,” she adds.