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NBP To Release Minutes From September Meeting

POLAND
  • At 11am (London time), Constitutional Tribunal may rule on primacy of EU law (BBG).
  • At 1pm (London time), NBP will release its minutes from September meeting.
  • Last Friday, NBP member Eryk Lon wrote in an article that he is not yet determine how he is going to vote during the November meeting, but he is clearly against actions that could lead to a radical appreciation of the Zloty.
  • NBP 'hawk' Lukasz Hardt told at a seminar in Warsaw also last Friday that CPI inflation projection in November may be higher than the July one and therefore the central bank needs to start a tightening cycle with a 'delicate' 15bps to curb the inflationary pressures. Hardt added that NBP can hike rates without signaling QE Taper.
  • At this stage, there are three policymakers (Hardt, Gatnar and Zubelewicz) voting for an 'imminent' rate hike as they mentioned several times that inflation is now demand-driven in Poland and a gradual tightening could ease the inflationary pressures.
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