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NBP: Governor Glapinski Scraps Forward Guidance

NBP
PolandCEEMEAEM BulletBulletEmerging Market News

Governor Adam Glapinski says that the MPC has been providing "too much forward guidance" which has been used by NBP watchers in "bad faith" to discredit the central bank. He notes that the Fed or ECB have not been providing as much information and the NBP is now planning to follow suit.

  • The Governor says the Council is not committed to any specific decisions going forward. Decisions will be data-dependent and made on a meeting-by-meeting basis.
  • The Governor says that the MPC is a diverse panel, where many different views are represented. The Council has "neither a hawkish, nor a dovish stance."
  • Governor Glapinski says that in any case, the main determinant of NBP rate decisions will be the medium-term inflation outlook and members will make sure not to let inflation stabilise at elevated levels.
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Governor Adam Glapinski says that the MPC has been providing "too much forward guidance" which has been used by NBP watchers in "bad faith" to discredit the central bank. He notes that the Fed or ECB have not been providing as much information and the NBP is now planning to follow suit.

  • The Governor says the Council is not committed to any specific decisions going forward. Decisions will be data-dependent and made on a meeting-by-meeting basis.
  • The Governor says that the MPC is a diverse panel, where many different views are represented. The Council has "neither a hawkish, nor a dovish stance."
  • Governor Glapinski says that in any case, the main determinant of NBP rate decisions will be the medium-term inflation outlook and members will make sure not to let inflation stabilise at elevated levels.