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Glapinski Says That NBP Hike Aimed At Curbing CPI Over Medium Term

POLAND
  • NBP Governor Adam Glapinski said at a conference today that inflation in Poland will be higher and for longer due to global supply shocks such as surging energy and food commodities.
  • Hence, NBP aggressive 40bps hike aimed to curb CPI inflation over the medium term.
  • Glapinski also mentioned that Polish rates were 'roughly' at pre-Covid levels (benchmark rate was 1% higher in the 5 years preceding Covid).
  • There are chances to see Polish inflation topping 6% by year end, which is significantly higher than the 3.5% NBP upper tolerance band.
  • Even though the NBP recently receive external pressure from former policymakers and PM Morawiecki, Glapinski clarified that the central bank will not listen to politicians' view on policy outlook.
  • Glapinski declined to say if yesterday's move announced the start of a tightening cycle.
  • Policy outlook will be conditional on the inflation and economic activity data and forecasts.
  • PLN has been depreciating against major crosses following Glapinski refusal to comment on tightening cycle.
  • USDPLN is up nearly 2 figures following this 'comment', currently trading above the 3.95 level.
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