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NBP Governor Glapinski Confirmed That He Sees No Risk of Overheating

POLAND
  • NBP Governor Adam Glapinski spoke at a press conference on Friday 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.
  • This morning, the NBP is expected to publish its Inflation Report at 9am (London Time).
  • Important economic data to watch this week will be the May current account balance coming out on July 14 and core CPI on June 16.

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