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Glapinski Plays Down Potential For Rate Changes In 2024

POLAND
  • NBP Governor Adam Glapinski said that he does not expect any further changes to interest rates this year after the central bank left them on hold earlier this week. Glapinski confirmed that inflation may temporarily reach the target next month, but will rebound then, which will likely prevent the MPC from resuming monetary easing.
  • Gazeta Wyborcza reported that the new government is planning to replace around 60 ambassadors in the coming months. President Andrzej Duda is reportedly planning to approve the changes and has only demanded that four of his former aides (current ambassadors to China, Romania, Vatican and the UN) keep their posts.
  • MPC's Ludwik Kotecki told Biznes24 that he sees 2024 core CPI at +5% Y/Y, adding that this is the data signal that should guide MPC decisions. He also said that he would not be so sure as the Governor that rate cuts will not have majority backing in the MPC this year.
  • The NBP will publish the minutes of its January monetary policy meeting at 13:00GMT/14:00CET.

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