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NBP Lon Convinced That Rates Should Remain Steady Until Q1 2022

POLAND
  • NBP policymaker Eryk Lon recently mentioned that he was convinced that interest rates should remain on hold until the term of the current MPC ends.
  • As a reminder, 7 of the 10 MPC members end their term in Q1 2022.
  • A premature hike could weigh on the economic recovery following the difficult first quarter due to the worsening Covid situation.
  • Earlier this morning, policymaker Grażyna Ancyparowicz said that she does not see demand-driven inflation yet in Poland and also confirmed Glapinski statement that NBP would have to end QE first before starting to raise its policy rates.
  • However, some NBP policymakers have become increasingly worried about inflation risks, which could lead to a rise in disagreements over the trajectory of rates in the coming months.
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