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NBP: MPC's Kotecki Expects 50-100bp Worth Of Cuts This Year, Starting In Q3

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PolandCEEMEAEM BulletBulletEmerging Market News

Puls Biznesu runs comments from MPC's Ludwik Kotecki, who says that the central bank will probably cut interest rates at the beginning of Q3 and no later than in September, while the magnitude of monetary easing this year should be between 50bp-100bp.

  • "In my opinion it [i.e. monetary easing] will happen this year, even though Governor Adam Glapinski is distancing himself from it. It will happen at the beginning of Q3, in September at the latest. In my view, the scale of cuts is 50bp at the minimum, because there is room for it. It could be 100bp at the maximum, but it may be difficult [to achieve] this year."
  • Kotecki notes that monetary policy will remain restrictive on the back of the elevated level of interest rates as well as zloty appreciation and quantitative tightening, as the NBP will allow COVID-19 securities to roll off. According to Kotecki, an optimal policy mix would involve tighter fiscal policy and looser monetary policy.
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Puls Biznesu runs comments from MPC's Ludwik Kotecki, who says that the central bank will probably cut interest rates at the beginning of Q3 and no later than in September, while the magnitude of monetary easing this year should be between 50bp-100bp.

  • "In my opinion it [i.e. monetary easing] will happen this year, even though Governor Adam Glapinski is distancing himself from it. It will happen at the beginning of Q3, in September at the latest. In my view, the scale of cuts is 50bp at the minimum, because there is room for it. It could be 100bp at the maximum, but it may be difficult [to achieve] this year."
  • Kotecki notes that monetary policy will remain restrictive on the back of the elevated level of interest rates as well as zloty appreciation and quantitative tightening, as the NBP will allow COVID-19 securities to roll off. According to Kotecki, an optimal policy mix would involve tighter fiscal policy and looser monetary policy.