Free Trial

NBP Governor Glapinski Says Inflation Is Under Control

POLAND
  • NBP Governor Glapinski mentioned in a video conference today that he was not surprised by the jump in CPI inflation in April (+4.3%) and sees core and headline inflation gradually slowing down in the second half of this year.
  • Glapinski does not doubt that the NBP will act if needed if the inflation risk intensifies.
  • The NBP will also first end its QE program before starting to raise rates.
  • Glapinski confirmed that there will be no rate hikes until mid-2022.
  • Despite the sharp contraction in GDP in the first quarter, the MPC is not discussing interest rate cuts.
  • Glapinski does not see the need for FX interventions.
  • USDPLN continues to trend lower following the drop after the NFP release (the pair broke below its 3.77 support line today); next level to watch on the downside stands at 3.70.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.