Glapinski Says Current Rate Level Helps Contain Inflation, Soft Landing Most Likely

Governor Adam Glapinski started his press conference after yesterday's monetary policy decision, which saw the NBP keep interest rates unchanged again.

• The official emphasises that Poland and other countries of the region have experienced historically aggressive tightening cycles and the rate hikes delivered to date will continue to suppress inflation in the quarters to come.
• He reiterates his view on fighting inflation and warns against imposing excessive social and economic costs through an even stronger tightening campaign, adding that the NBP is conducting monetary policy with consideration for these costs.
• The Governor notes that the current level of interest rates helps curb inflation to the target. He suggests that Poland is expected to experience a soft landing and is unlikely to fall into recession.