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NBP Not Paying Attention To PLN But '23 CPI May Be 1pp Lower If Zloty Extends Gains

NBP

NBP Governor Glapinski says that the MPC does not take PLN exchange rate into account while deciding on monetary policy.

  • He says that the exchange rate is very difficult to predict amid notable speculative activity, stressing that the PLN is a free-floating activity.
  • The MPC are "happy" with the recent appreciation of the Zloty as it helps reduce imported inflation, but were not worried when it weakened.
  • Glapinski estimates that if the Zloty extends its appreciation trend, 2023 CPI may be 1pp lower than otherwise.
  • Still, members are not paying much attention to FX moves in either direction and do not have any specific FX target.
  • He contrasts Poland's FX policy with Czechia, where the central bank supports the Koruna by FX interventions.
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