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POLAND: NBP's Kightley Sees Limited Room For Big Cuts Next Year

POLAND
PolandCEEMEAEM BulletBulletEmerging Market News
  • NBP Deputy Governor Marta Kightley (not a member of the MPC) played down potential for deep interest-rate cuts next year, noting that robust wage growth, hotter consumer-price inflation and accelerating economic growth keep policymakers from loosening monetary policy. She told Bloomberg that "it's difficult to assess how significant the room is for rate cuts next year, although it's worth noting that there's rather no room for large reductions." Kightley added that "it is difficult to say at this point whether the expected discussion of an interest ratecut in March will actually be justified at that time, let alone whether it will translate into a decision to ease monetary policy."
  • Sejm Speaker Szymon Holownia warned that the ruling coalition could plunge into a "very serious crisis of mutual trust" if it turns out that recent reports suggesting that he was enrolled at a university accused of functioning as a degree mill were based on leaks from ongoing investigations.
  • The Sejm (lower house of parliament) passed a bill making Christmas Eve a non-working day starting from next year. As a balancing measure, restrictions on doing business on Sundays will be relaxed in December.
  • Statistics Poland will release final Q3 GDP readings at 09:00GMT/10:00CET. Flash readings suggested that the economy may have grown by 2.7% Y/Y in the three months through end-September.
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  • NBP Deputy Governor Marta Kightley (not a member of the MPC) played down potential for deep interest-rate cuts next year, noting that robust wage growth, hotter consumer-price inflation and accelerating economic growth keep policymakers from loosening monetary policy. She told Bloomberg that "it's difficult to assess how significant the room is for rate cuts next year, although it's worth noting that there's rather no room for large reductions." Kightley added that "it is difficult to say at this point whether the expected discussion of an interest ratecut in March will actually be justified at that time, let alone whether it will translate into a decision to ease monetary policy."
  • Sejm Speaker Szymon Holownia warned that the ruling coalition could plunge into a "very serious crisis of mutual trust" if it turns out that recent reports suggesting that he was enrolled at a university accused of functioning as a degree mill were based on leaks from ongoing investigations.
  • The Sejm (lower house of parliament) passed a bill making Christmas Eve a non-working day starting from next year. As a balancing measure, restrictions on doing business on Sundays will be relaxed in December.
  • Statistics Poland will release final Q3 GDP readings at 09:00GMT/10:00CET. Flash readings suggested that the economy may have grown by 2.7% Y/Y in the three months through end-September.