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MPC's Tyrowicz Says Central Bank Adopted Key Policy Document Last Week

NBP

NBP's Joanna Tyrowicz writes in a LinkedIn post that last week's surprising monetary policy decision diverted attention from the adoption of the "Assumptions of Monetary Policy for 2024" the day before. The policymaker suggests that the language of the "Assumptions..." has been gradually watered down since 2014-15.

  • Tyrowicz writes that the document no longer declares the MPC's commitment to keep inflation as close to the +2.5% Y/Y target as possible (as opposed to within the +/- 1pp tolerance band) and no longer mentions the role of inflation expectations.
  • The "Assumptions..." is a strategic document adopted by the MPC every year and submitted to parliament alongside the budget bill. The MPC is also obliged to report to parliament on the implementation of the previous year's "Assumptions...".
  • The 2024 "Assumptions..." are yet to be published, but Tyrowicz writes that MPC members did not actively participate in drafting the document, but received a ready document which was then submitted to a vote.
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