Governor Says QT Is Unlikely, Refuses To Outline Optimal PLN Level

Governor Adam Glapinski says that the central bank is unlikely to deploy quantitative tightening (QT) and the issue has not been discussed by the NBP's Management Board. He notes that he personally opposes the option, even as it is a "theoretical possibility."

• The Governor refuses to speculate on the optimal exchange rate level/corridor and reiterates that the central bank in principle allows the zloty to float freely. He uses the opportunity to reaffirm his opposition to entering the eurozone.
• For the record, the Governor repeatedly mentioned the geopolitical context throughout his presser, which comes amid a growing choir of voices across Europe calling for increasing readiness to address the military threat posed by Russia.