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NBP Publishes Minutes Of January Monetary Policy Meeting


The National Bank of Poland has published the minutes of its January monetary policy meeting. As a reminder, the Monetary Policy Council left interest rates unchanged.

  • "When discussing the outlook for inflation in Poland, the Council members indicated that inflation would probably increase in the early months of 2023, due to the withdrawal of some of the reduced tax rates introduced under the so-called Anti-inflationary Shield and the impact of the previous energy price rises."
  • "At the same time, the majority of the Council members underlined that in light of available forecasts and assuming no further shocks, inflation should gradually decline from 2023 Q2, converging towards the medium-term NBP target."
  • "Certain Council members expressed the opinion that given the persistently high price growth and elevated inflation expectations, the hitherto scale of interest rate hikes by NBP was insufficient to ensure the return of inflation to the target in the medium term and to lower inflation expectations to levels consistent with the medium-term inflation target."
  • Click here to see the full document.

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