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Glapinski Delivered a ‘Hawkish’ Conference

POLAND
  • NBP Governor Glapinski delivered a ‘hawkish’ conference yesterday, mentioning that the central bank has 'road wide open' to raise the policy rate up to 4%.
  • NBP could even raise its benchmark rate above 4% if needed.
  • Glapinski added that he currently considers himself a ‘hawk’ and will encourage all MPC members to continue the tightening cycle.
  • Yesterday, Polish parliament approved Wieslaw Janczyk as MPC member earlier, who is a politician of ruling party PiS.
  • Janczyk is perceived to be more 'dovish' based on recent comments - 'rates are now appropriate' - made before Tuesday's meeting ; he added yesterday that NBP may avoid rate hikes if the government measures lower CPI.
  • Today, the NBP will publish the minutes of the January meeting (1pm London time).

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