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POLAND: MPC’s Tyrowicz Says Polish Rates Should Be Between 7.50-7.75%

POLAND
  • Speaking in an interview to Poland’s edition of Forbes, Joanna Tyrowicz said Poland’s MPC should not be discussing interest rate cuts when inflation is accelerating. “The MPC has one task - to keep price processes under control. The Council doesn’t fulfill this task. That’s why since I’ve been on the Council, I’ve been telling everyone that the interest rate should be 7.5%-7.75%,” she said. Most MPC members who have spoken publicly recently have opened the door for rate cuts next year.
  • Poland’s Electoral Commission has fined the former ruling Law & Justice party for misappropriating state money in a bid to win last year’s election, Bloomberg report. The Commission said the party funnelled extra public money into its campaigning on top of its regular state allowance, and has now reduced the party’s allowance for the next three years and may decide to withhold it entirely.
  • CPI data for August will be released at 09:00BST/10:00CET, with headline inflation seen rising +4.3% Y/Y compared to +4.2% in July. Inflation was driven higher by energy prices in July, while analysts are broadly expecting unfavourable base effects to cause a temporary rise in the coming months.

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