Poland’s national bank has announced it will raise the country’s interest rate for the first time in almost a decade in an attempt to slow surging inflation in the Polish economy.

The National Bank of Poland (NBP) made the surprise announcement on Wednesday that it would raise the base rate by 40 base points from 0.1% to 0.5%. The decision by the bank’s Monetary Policy Council came much sooner than anticipated – economists had widely been expecting no changes until the new year.

Interest rates had been steadily falling since 2012. It’s hoped the higher rate will help to curb the Polish economy’s surging pandemic-driven inflation, which hit 5.8% in September – well outside the central bank’s upper target of 3.5%.

Markets reacted positively to the announcement and the Złoty climbed against the Euro slightly.

The decision follows similar base rate increases around the world. New Zealand’s central bank yesterday announced it would be hiking up the cash rate for the first time in seven years.

Govt. buys up land for Central Transport Hub

Preparation work on a planned transport super-hub in central Poland is already underway as the government begins buying up land for the project.

Speaking at a conference in Poznan on Wednesday, Deputy Infrastructure Minister Marcin Horała said voluntary land purchases had already gotten underway at the planned site of the Central Transport Hub – a massive new air, rail, and road transport node between Warsaw and Łódź.

But in a change of course for the project, Mr Horała also said that the enormous development would now be implemented more incrementally than originally planned and could be smaller.

The Central Transport Hub had been planned in two stages, the first opening in 2027 with a capacity of 45 million annual passengers. But Mr Horała said the project would now be built in as many as three or four stages, gradually growing as demand for travel increases.

The idea of the hub was first proposed before the pandemic, which has slashed demand for air travel.

Adamowicz killer could face trial after new psychological evaluation

The killer of assassinated Gdansk Mayor Paweł Adamowicz could be set to face trial now after a panel of experts decided he did have limited mental capacity at the time of the attack.

The man, identified only as Stefan W, publicly killed the former mayor in January 2019 at a charity pop concert but did not face criminal trial after two panels of expert psychiatrists found him to be mentally incapacitated.

Now though, according to the Gdansk District Prosecutor’s Office, a new panel of experts has said Stefan W may have had limited mental capacity and could be held accountable for the killing.

If put on trial and found guilty, the man could face up to life in prison.

„Reverse vending machine” in Gdansk swaps bottles and cans for vouchers

We all know recycling is important to protect the environment, but what if you could get paid for doing it?

Well, that’s now possible in Gdansk as the city’s first „reverse vending machine” has popped up in the neighbourhood of Przeróbka.

The „Ekomat”, installed outside a local supermarket, takes in used plastic bottles and aluminium cans and gives out shopping vouchers or charity donations in return.

One recycled bottle or can earns you a princely 1 Grosz, but some branded products can be worth as much as 5 Grosz. Recyclers then get either a voucher to redeem in-store or a donation to a Pomeranian children’s charity.

WEATHER 

Mostly cloudy today with some sunny spells throughout the afternoon. Temperatures cooling down to around 13°C, 55°F, with light winds and no rain expected today.

A chilly, clear night on the way with a bright but cool day tomorrow.

Thomas Holdstock