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POLAND: NBP's Maslowska Refuses To Rule Out Any Rate Scenario

POLAND
  • NBP's Gabriela Maslowska refused to rule out either rate cuts or rate hikes this year, but also expressed hope that monetary easing could re-commence next year. Bloomberg quoted her as saying that the return of CPI inflation below the upper end of the +/-1pp tolerance band around the +2.5% Y/Y target is the key condition for a rate cut, but "an overly radical strengthening of the zloty" would also be an argument in favour of looser policy. Maslowska suggested that of the NBP's monitoring survey shows that the exchange rate level is hurting exporter profitability, then both interest-rate action and FX interventions would be on the table.
  • President Andrzej Duda will travel to China for a lengthy six-day visit. Onet reports that the trip will involve a three-hour meeting with President Xi Jinping, as well as two meetings with Premier Li Qiang, with the Polish delegation intending to touch upon the ongoing war in Ukraine and try to persuade Beijing to reduce its support for Russia.
  • Family, Labour and Social Policy Minister Agnieszka Dziemianowicz-Bak ruled out cutting social benefits after the European Commission warned that Poland would likely face the Excessive Deficit Procedure (EDP). She said that "nobody was talking" about the withdrawal of measures such as 13th and 14th pensions.
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