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MPC Janczyk Hopes There is No Need To Continue Tightening Cycle

POLAND
  • MPC member Janczyk mentioned in an interview that he hopes the country’s interest-rate hike cycle won’t need to be continued
  • The Senate will vote on Thursday to confirm the recent resignation of MPC Sura (board is now composed of 7 members vs. 10 as there were two vacancies on panel before Sura departure).
  • Yesterday, Finance Committee Head Kleina commented that Senate does not rule out Tyrowicz as MPC candidate.
  • Joanna Tyrowicz is a labor market economist and has been a critic of current governor Glapinski.
  • In an interview on TVN24 done earlier this year, she stated that she did not have the impression that Glapinski took his opportunity to prepare for the 'Governor' function after spending several years as a MPC member.
  • Economic data showed yesterday that consumer confidence ticked higher in July; however, it is still standing at historical lows and is pricing in a significant deceleration in the economic activity.

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