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Governor Glapinski Says Stand-Pat Decision Was Widely Expected

NBP

Governor Adam Glapinski attributes the latest inflation episode to exogenous shocks from the war in Ukraine and COVID-19 pandemic, dismissing the arguments of those who blamed the central bank. He praises the NBP's record in bringing inflation to the +/- 1pp tolerance band around the +2.5% Y/Y target.

  • The Governor says that there is no precise explanation why Poland has an inflation target of +2.5% Y/Y as it's a result of a consensus between economists working on these matters. Still, Poland does not intend to change the target at the moment.
  • The Governor says that yesterday's on-hold rate decision was widely expected by the markets and only a handful of people were calling for a different decision.
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