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POLAND: Kotecki Says MPC Sees Room For Rate-Cut Discussion In Early 2025

POLAND
  • MPC's Ludwik Kotecki told TOK FM radio that a large majority in the MPC sees room for a discussion about potential interest-rate cuts at the beginning of 2025, but it remains uncertain whether this discussion will translate into actual decisions, as there are still several key unknowns - such as the shape of the 2025 budget. Kotecki stressed that the Council did debate the issue. The official added that at this point it seems that the NBP will not record any financial gains this year that could be transferred to the state budget.
  • Kotecki's colleague from the MPC Joanna Tyrowicz strongly suggested in a LinkedIn post that Governor Adam Glapinski's ultra-hawkish forward guidance last month was his own initiative rather than a consensus view of the whole Council. She pointed to the conspicuous absence of forward guidance in the minutes of the July meeting released yesterday.
  • Money.pl reports that leaders of the ruling coalition met yesterday to discuss policy priorities for the remainder of the year. According to a source, in an attempt to defuse tensions within the coalition, PM Donald Tusk asked each of his partners to propose a couple of key reforms they would like to focus on. 
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