Polish prime minister Mateusz Morawiecki said that the Polish government's record-high bond yields are a result of pressure from the financial markets.
Poland's bond yields crossed the 9 - percent mark on Friday, a level that was last seen more than 20 years ago, prompting the state-owned development bank BGK to forgo a planned bond auction because it expected to sell bonds at lower rates.
The Polish prime minister said in the northern city of Gdansk on Saturday that a number of countries had found themselves under increased pressure from financial markets due to a rate-increase cycle by the US Federal Reserve and the European Central Bank.
Emerging economies and those aspiring to be included in developed markets, such as Poland, had seen their currencies weaken, according to Morawiecki.
According to Morawiecki, Poland's significant current account deficit, seen by financial markets as a risk factor, resulted in high energy prices, but he expressed hope that the arrangements made at an EU summit would help Poland decrease its current account deficit by implementing a new mechanism of gas price calculation.
The opposition has accused the government of acting against the Polish central bank's efforts to fight inflation, which reached 17.2 percent in September. Critics say that while the central bank is raising interest rates, the government is flooding the market with a wide variety of social programmes and subsidies that, as a result of this, has caused inflation to go up.