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Glapinski Flags Intention To Adjust Rates Gradually, Pre-Election Debate Coming Up On Monday

POLAND
  • Governor Adam Glapinski sought to reassure markets that the NBP is a conservative central bank and will prefer "smooth, gradual changes" to interest rates, seeking to avoid causing disruption to consumers, banks and businesses". At the same time, the official said that interest rates are still very high, with all signs pointing to continued disinflation. He spoke after the MPC voted to cut interest rates by 25bp earlier this week in a move consistent with the consensus call but slightly smaller than priced by financial markets.
  • State development fund PFR chief Pawel Borys told TVN24 that fuel prices shouldn't increase after the upcoming general elections due to the sharp pullback in global oil prices. The official said that state-owned retailer Orlen merely pursued a "normalisation" of prices after months of elevated margins.
  • Public TV confirmed that its pre-election debate will take place on Monday at 17:30BST/18:30CEST. Main opposition Civic Coalition leader Donald Tusk declared that he will participate in the event. It is unclear who will represent the ruling party as its leader Jaroslaw Kaczynski refused to cross swords with Tusk.
  • The NBP will publish data on official reserves as well as the minutes of its September monetary policy meeting at 13:00BST/14:00CEST.
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