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NBP Dabrowski Favors No Hikes, Or At Most One 25bps Hike

POLAND
  • MPC member Ireneusz Dabrowski commented earlier that he would favor not hike or at most one 25bps hike at the next meeting.
  • Dabrowski added that Poland will not experience stagflation and that inflation path in the latest central bank’s projection is realistic and that the NBP may start cutting rates as early as 2023.
  • This follows Governor Glapinski’s recent comments on 2023 potential rate cuts.
  • Dabrowski also said that it is only a matter of time before PLN starts to strengthen, therefore sees no need for intervention to boost the domestic currency.
  • EURPLN continues to retrace lower following the comment, gradually approaching its 2W low at 4.7420; next support to watch on the downside stands at 4.70.
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