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NBP Release April 5 Meeting Minutes

POLAND

Highlights from the NBP minutes (note these are the minutes for the early April meeting, not yesterday's):

  • Certain Council members expressed the opinion that given the persistently high price growth and elevated inflationary 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.
  • In the opinion of those Council members, the disinflation process as foreseen by the forecasts, and particularly the decline in core inflation, would be too slow
  • The majority of the Council members assessed that the earlier strong monetary policy tightening undertaken by NBP would lead to a decline in inflation in Poland towards the NBP inflation target

See the full minutes release here: https://nbp.pl/wp-content/uploads/2023/05/voting_i...

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