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MPC's Wnorowski Sees No Reasons for QT

POLAND
  • Speaking in an interview to ISB News, Henryk Wnorowski, member of the NBP's MPC, said he sees no grounds for the central bank selling government bonds it bought during the pandemic as part of a quantitative tightening program.
  • Note that the NBP's spokesman recently told media outlets that there is currently no discussion about quantitative tightening after MPC's Ireneusz Dabrowski flagged such an option last week. The spokesman said that the NBP's Management Board (as opposed to the MPC) has the "decisive vote in this matter". Separately, the Board's Artur Sobon noted via his X handle that any such talk is "irresponsible".
  • Wnorowski added in his interview that he sees chances for rate cuts this year: “In my opinion rate reductions are probable this year, but certainly it won’t be a large number of cuts.” He noted that he doesn’t expect a return to rate increases.
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