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NBP's Janczyk Sees Potential For Rate Cuts In Q3, Dabrowski Expects Flat Rates For Longer

POLAND
  • PAP newswire ran comments from MPC's Wieslaw Janczyk, who said that in order to cut rates panel members "need to be convinced that high CPI is permanently defeated." He also stood by Governor Glapinski's comments that the government's decisions on anti-inflation shields will be a crucial factor in rate decisions. According to Janczyk, grounds for an adjustment to rates could emerge in 3Q2024. Otherwise, he would like to see at least 100bp worth of cuts in 2025.
  • Another MPC member, Ireneusz Dabrowski, said that rates will most likely stay unchanged through the remainder of this year. In addition, he said that rates are more likely to stay put than fall in 2025. Note that Dabrowski's view shifted sharply to the hawkish side over the past few months, according to a recent PAP survey.
  • Climate Minister Paulina Hennig-Kloska said that electricity price freeze will end in 2H2024 but the government wants to make sure that price increases are gradual, no larger than PLN30/month. She noted that low-income households could receive targeted subsidies to help them shoulder rising prices.
  • The WIG20 Index shed 2.5% on Friday as activist short-seller Hindenburg reported that fashion retailer LPP's withdrawal from Russia was "sham," which wiped out a third of the firm's capitalisation. The company will hold a press conference at 09:00GMT/10:00CET.
  • The NBP will release core CPI data for February at 13:00GMT/14:00CET.
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