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Glapinski Says NBP Isn't Discussing Rate Cuts, Blame Game Over Fallen Missile Continues

POLAND
  • During his press conference after the Monetary Policy Council left all monetary policy settings unchanged, Governor Adam Glapinski said that the panel is not currently discussing cutting interest rates and remains in the "wait-and-see" mode, making decisions on a meeting-by-meeting basis. The Governor emphasised that the central bank is not formally ending the rate-hike cycle and stands ready to react to any shocks, albeit he hopes that there could be room for lowering interest rates toward the end of the year. The central bank expects inflation to ease to +7.0%-9.0% Y/Y into the year-end, with Glapinski hoping that it would be closer to the lower end of that range.
  • Local press reports note that the Defence Ministry and the army continue to plan a blame game over a Russian missile which fell near the city of Bydgoszcz. Defence Minister Mariusz Blaszczak accused top military commanders of disregarding their duty to inform the authorities about an object entering Polish airspace and suggested that he could take disciplinary action against Operational Commander Gen. Tomasz Piotrowski, with Onet reporting that he is also demanding the resignation of Chief of the General Staff Gen. Rajmund Andrzejczak. Any final decisions will be taken by President Andrzej Duda, formally the supreme commander of the armed forces. Meanwhile, military sources told Onet that the Defence Minister was immediately informed about all the details surrounding the incident.
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