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NBP Likely To Maintain the Pace of Its Tightening Cycle in January

POLAND
  • MPC candidate Ludwik Kotecki mentioned in an interview earlier this morning that more interest rate hikes in Poland are inevitable given the elevated inflationary pressures.
  • Kotecki added that the NBP started raising interest rates too late compared to other nearby central banks (i.e. CNB, NBH).
  • Governor Glapinski also wrote that more interest rates are needed to fight inflation.
  • Hence, the NBP is likely to continue its tightening cycle in its January meeting (Jan 12), maintaining the current pace to combat inflation and limit PLN depreciation (50bps hike).
  • This morning, economic data showed that unemployment rate fell to 5.4% in November, down from 5.5% the previous month.
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