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Glapinski Refuses To Provide Forward Guidance, Reaffirms Hands-Off Approach To FX

NBP

In response to the first question from the audience, Governor Adam Glapinski refuses to provide any firm forward guidance, arguing that he is unable to predict the evolution of preferences among members of the Monetary Policy Council (MPC). He says that the Council has a fairly clear assessment of the situation until the end of June, while uncertainty is very high beyond that point.

  • The Governor says that the NBP reserves the right to intervene in FX markets, but does not use this tool to affect the exchange rate. He reaffirms the NBP's well-documented hands-off approach to FX, noting that any interventions are only deployed to smooth out volatility. He says that the MPC is "content" with the performance of the PLN over the past year.
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