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NBP Glapinski Confirmed That He Sees No Inflation Risks

POLAND
  • NBP Governor Adam Glapinski spoke at press conference today and confirmed that inflation is currently driven by supply shocks and he sees no risk of overheating in Poland.
  • While Polish inflation is expected to remain above the 3.5% NBP upper tolerance band for the rest of the year, its is expected to decline towards 2.5% in 2022.
  • As the uncertainty over the economic recovery remains elevated, Glapinski said that the NBP will not rush to tighten monetary policy as it could impact growth expectations in the medium term.
  • Glapinski is confident that Polish wages will keep growing faster than inflation and NBP policymakers will discuss tightening in the coming quarters.
  • The NBP will closely watch the Fed and ECB policies and Glapinski repeated that QE will have to end before tightening starts.
  • A too-strong PLN could also impact the economic recovery as it would tighten financial conditions.
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