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NBP Off'ls Flag Potential For Rate Cuts This Year, Gov Says Projection Is Being Realised

POLAND
  • Two Polish central bankers said over the long weekend that the NBP could start discussing rate cuts this year after preliminary data for April showed a faster than expected slowdown in headline inflation. Ireneusz Dabrowski told Polsat News that he thinks "the Council will seriously consider lowering the rates" as "there's a big probability that after the summer vacation, inflation will slow to single digits." He later told TVP1 that "it is difficult to say when a cut will happen, but it is increasingly probable." Dabrowski's colleague Henryk Wnorowski told a regional radio station that "there's a light at the end of the tunnel that will allow us to be bolder in discussing rate cuts."
  • Elsewhere, Gazeta Polska daily circulated an interview with NBP Governor Adam Glapinski. The official said that the sources of Polish inflation are in Russia and whoever suggests that it is the central bank's or government's fault, supports the Kremlin's narrative. He noted that inflation should ease to single-digit levels by the end of the year, while the central bank's macroeconomic projection "is being fully realised."
  • Poland's S&P Manufacturing PMI may have deteriorated to 47.9 in April from 48.3 prior. The data will be published at 08:00BST/09:00CEST.
  • Activity in Poland will be subdued in between yesterday's Labour Day and tomorrow's Constitution Day, both of which are public holidays in the country.
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