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NBP: Governor Says Stronger Zloty Has Only Limited Disinflationary Effect

NBP
PolandCEEMEAEM BulletBulletEmerging Market News

Governor Adam Glapinski says that the strong zloty exchange rate is anti-inflationary, but this effect is rather small and insignificant. He says this is a takeaway from surveys conducted among Polish entrepreneurs, who are much more concerned about the pace of wage growth or underwhelming performance of the German economy.

  • Glapinski says that the current level of the exchange rate is "acceptable" for the economy, it is within the range acceptable for both importers and exporters.
  • Note that the MPC dropped a mention of the anti-inflationary impact of zloty appreciation from the latest edition of the statement.
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Governor Adam Glapinski says that the strong zloty exchange rate is anti-inflationary, but this effect is rather small and insignificant. He says this is a takeaway from surveys conducted among Polish entrepreneurs, who are much more concerned about the pace of wage growth or underwhelming performance of the German economy.

  • Glapinski says that the current level of the exchange rate is "acceptable" for the economy, it is within the range acceptable for both importers and exporters.
  • Note that the MPC dropped a mention of the anti-inflationary impact of zloty appreciation from the latest edition of the statement.