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Ludwik Kotecki Says "Wait & See" Is Only Right Strategy For MPC

NBP

During a seminar hosted by the Senate, NBP's Ludwik Kotecki said that the only right strategy for the MPC at this point is "wait & see," that is waiting and monitoring incoming macroeconomic data.

  • "There are plenty of factors, which are risks for further disinflation, and it seems that the only right strategy for the MPC is just waiting, analysing data and looking what will happen next in the economy and what will happen with the budget."
  • The official revealed that the Monetary Policy Council did not change its inflation target in the "Assumptions of Monetary Policy for 2024" adopted last week. The target remains at +2.5% Y/Y since 2004.
  • Speaking to reporters after the seminar, Kotecki expressed his hope that the MPC would pause its monetary easing in October but quickly added that the decision sits with the entire MPC and not just himself.
  • Kotecki said that he was "constantly monitoring what is happening with our exchange rate" and noted that the reaction to the MPC's latest decision "has not yet ended". He noted that sharp PLN depreciation will instantly fuel inflation.
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