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NBP Stresses Data Dependency, Sees Current Rates As Appropriate

POLAND

In the post-decision policy statement, the NBP revise their CPI view:

  • 2023 CPI: 11.3 - 11.5% (Prev. 11.1-12.7%)
  • 2024 CPI: 3.2 - 6.2% (Prev. 3.7-6.8%)
  • 2025 CPI: 2.2 - 5.3% (Prev. 2.1-5.1%)
  • 2023 GDP: -0.1 - 0.6%
  • 2024 GDP: 1.9 - 3.8%
  • 2025 GDP: 3.4 - 4.7%
The NBP reiterate they may intervene in the FX market, and that future rate decisions will depend on data concerning the CPI and economy over the coming quarters. As such, they see the current level of rates as appropriate for bringing CPI to target in the medium-term.

Link to policy statement (in Polish): https://nbp.pl/wp-content/uploads/2023/11/Komunika...

English statement here: https://nbp.pl/wp-content/uploads/2023/11/Komunika...

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