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Amid Dispute Over New NBP Rules Of Conduct, Kotecki Warns Inflation Could Remain Elevated

POLAND
  • Bloomberg reported that Poland's central bank has prepared regulations that would require MPC members to seek the Governor's permission if they want to meet investors. The new "list of good practices" stipulates that any such meeting would have to be attended by another rate-setter chosen by the Governor. MPC's Joanna Tyrowicz said that "the draft rules of the MPC on meetings with investors effectively muzzle policymakers," while her colleague Ludwik Kotecki called it an "excessive and harmful regulation." The NBP's press office released a statement condemning a "scandalous political attack" and cited rules on external communications by Fed members.
  • Kotecki told Business Insider today that elevated inflation will continue to haunt Poland for a long time. The hawkish policymaker said that he moderated his rate-hike call to 25bp in February from 50bp prior, due to deteriorating data on economic activity. Still, he sees a "real risk" of returning to interest-rate hikes as he warned that inflation could stop easing at some point and remain elevated, "probably at double-digit" levels.
  • Gazeta Wyborcza reports that the ruling Law & Justice party has decided to increase the cash subsidy paid for every child ahead of the upcoming election. The newspaper suggests that the monthly payouts could be increased from PLN500 to PLN700.
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