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NBP: Glapinski Says MPC Has Been Almost Unanimous For Long Time

NBP
PolandCEEMEAEM BulletBulletEmerging Market News

Governor Adam Glapinski starts his press conference by stressing that a stabilisation of interest rates is necessary to bring inflation to the +2.5% Y/Y +/- 1pp target over the medium term. He refers to the voting records from the past couple of years to argue that the Monetary Policy Council usually agreed on the optimal course of action.

  • The Governor says that inflation is twice as high as the target and the MPC is legally obliged to contain it. Once this is achieved, the Council can consider its secondary goal of supporting economic growth.
  • The Governor says that inflation is now highest in over 20 years, if we ignore the "megashock" caused by the combination of the COVID-19 pandemic and war in Ukraine.
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Governor Adam Glapinski starts his press conference by stressing that a stabilisation of interest rates is necessary to bring inflation to the +2.5% Y/Y +/- 1pp target over the medium term. He refers to the voting records from the past couple of years to argue that the Monetary Policy Council usually agreed on the optimal course of action.

  • The Governor says that inflation is twice as high as the target and the MPC is legally obliged to contain it. Once this is achieved, the Council can consider its secondary goal of supporting economic growth.
  • The Governor says that inflation is now highest in over 20 years, if we ignore the "megashock" caused by the combination of the COVID-19 pandemic and war in Ukraine.