Governor Suggests MPC Could Have Cut Rates Three Months Earlier If They Were "Risk-Takers"

NBP press conference moves to the Q&A session. Governor Adam Glapinski says that Poland's economic growth this year could be lower than expected, but probably not to a significant degree. He notes that in cutting interest rates by 75bp, the MPC merely did what was overdue, reiterating that the Council now adopts a wait-and-see stance.

• Asked about the latest adjustment in interest rates, Governor Glapinski says that it was "inevitable" and the MPC could have taken such a decision three months earlier if they were "risk-takers". However, as a conservative central bank, the NBP chose to wait with cutting interest rates until there was convincing evidence of a sustained disinflationary trend.