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NBP Resumes PLN Jawboning, Keeps QE Phrasing Unchanged

POLAND
  • POLISH CENTRAL BANK TO CONTINUE QE PROGRAM
  • POLISH CENTRAL BANK SAYS MAY INTERVENE ON FX MARKET
  • RECOVERY PACE TO DEPEND ON ZLOTY MOVES
  • CURRENT RATE TO HELP KEEP CPI NEAR TARGET
  • Base effects related to fuel prices, together with the expected additional increases in waste disposal charges, will probably translate into a further rise in inflation in the coming months
  • This rise may see divergences on the rates trajectory come into play between MPC members as Glapinski remains wed to his recent dovish posturing
  • More clues into how Glapinski views the impending rise in inflation will likely be on show in Friday's presser
  • At current levels, it seems hard to justify FX intervention to weaken PLN, but this is just another form of indirect easing used in recent months
  • QE seems like a more apt vehicle for delivering easier conditions at this juncture with the phrasing in the statement remaining the same
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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