Poland's MPC should announce any change in reserve requirement's rate in monetary policy guidelines for 2026, says member
Any change in the interest rate on the reserve requirement in Poland should be preceded by the publication of a report on the subject and announced at the stage of developing the monetary policy guidelines for 2026, Poland's Monetary Policy Council member Joanna Tyrowicz assessed on LinkedIn. In her opinion, such a move would be part of tightening monetary policy.
"But should reserve requirements bear interest? If anything were to change, it should be preceded by a white paper explaining the pros, cons, and implications. The impact of this change on individual banks and their future policies (based on data, not declarations) must also be analysed. Any change should be announced at the stage of developing the 'Monetary Policy Guidelines for 2026'," Tyrowicz wrote in a post on LinkedIn.
"Lowering the interest rate on mandatory reserves is part of tightening monetary policy. Lower reserve interest rates may translate into lower lending activity in many banks. That is why many sensible central banks have used both tools simultaneously: they raised interest rates and lowered or eliminated reserve requirement interest rates. (…) This is what sensible and honest central banks do," she added.
Poland's central bank governor Adam Glapinski announced at a press conference in that in June, the Monetary Policy Council reviewed a study on how reserve requirements are set by central banks around the world. He stressed that no potential changes in this regard in Poland were discussed.
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