Glapinski Says '24 Rate Cuts Are Not Being Discussed, '25 Rate Path Will Depend On Inflation

Governor Adam Glapinski moves to the Q&A session. He signals data-dependent approach and says that no MPC members are currently talking about cutting rates in 2024. The Governor adds that rate cuts in 2025 will depend on the inflation path. He notes that he will be able to provide more information when the government's fiscal and regulatory decisions will be fully known.

• The Governor says that the NBP will only address the specific charges against himself when the central bank receives a formal letter from relevant authorities. He says that the charges in the version of the parliamentary motion circulated in the press are entirely groundless; the NBP has not yet received any official correspondence on the "Kafkesque" trial.
• Governor Glapinski says the NBP is a very conservative institution and is generally opposed to quantitative easing in normal times - but extraordinary conditions forced the central bank to take extraordinary measures. He says that the NBP deployed QE in response to the pandemic and ended it as soon as it was possible.