Discussion on Rate Cuts May Be Resumed in Q3, Janczyk Says

The National Bank of Poland will resume debates about a potential interest rate cut in the Q3 of this year when the outlook for inflation becomes clearer, policymaker Wieslaw Janczyk told Bloomberg News.

• “Personally, I don’t see it as an open-and-shut case,” Janczyk said in a written response to questions from Bloomberg News. “In my view, a discussion about a potential reduction will realistically return in the third quarter of this year.”
• Janczyk is the latest official to cast doubt on Governor Adam Glapinski’s assertions that rate reductions are effectively off the table for this year.
• Janczyk said that the decision to restore the tax on food may add 0.8ppts to inflation, although the impact is likely to be offset by the recent price war between Poland’s biggest supermarket chains, Bloomberg add.