Glapinski Says 95% Of Society Will Benefit From Latest Rate Decision

NBP Governor Adam Glapinski says that points to the distributional effects of yesterday's rate decision. He says that 95% of the society will benefit from the rate cut, even as some top-earners might lose out. He plays down the views of sell-side analysts circulated since yesterday, accusing them of inevitable bias.

• The official says that the 2% zloty depreciation after the NBP trimmed rates by 75bp will not affect CPI inflation, with global economic slowdown having a much more profound impact on price dynamics.
• Glapinski says that the euro-area is near recession, which has knock-on effects for economic activity in Poland and constrains inflation. The Governor says that Poland's GDP growth may be around 0% this year.