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NBP Moves Its Next Meeting Forward To January 4 (vs. Jan 12)

POLAND
  • Polish central bank moved its next rate meeting forward to Jan. 4 from an earlier scheduled Jan. 12. The Warsaw Stock Exchange is closed today (BBG).
  • Yesterday, MPC candidate Ludwik Kotecki mentioned in an interview 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).
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