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NBP's Litwiniuk Says Thinking About Autumn Cuts Would Be Inconsistent With Econ Projections

NBP

NBP's Przemyslaw Litwiniuk told TOK FM radio station that thinking about cutting interest rates this autumn would be incompatible with the central bank's latest macroeconomic projections.

  • "The rate of price growth should notably decrease. This view is supported by economic data. Today the NBP will publish its March projection (...) which rests on one key assumption. This assumption is that interest rates will remain unchanged over the forecast horizon. (...) So thinking that the situation might be ripe for loosening monetary policy this autumn, especially by lowering interest rates, would be incompatible with the projections presented today.
  • "In earlier NBP communications we could find some signals of potentially loosening monetary policy in the autumn period. Distancing ourselves from this message is a very important information. (...) There are no grounds today for forecasting loosening monetary policy."
  • The NBP earlier this week left interest rates unchanged, while Governor Glapinski said that he personally hopes that rate cuts could be possible in Q4, even as he refused to take hikes off the table. Litwiniuk is one of the three hawkish dissenters on the MPC who have been calling for more monetary tightening.
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