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POLAND: NBP's Maslowska Sees Room For Cuts At Turn Of 1Q/2Q2025

POLAND
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  • MPC's Gabriela Maslowska backed calls for interest-rate cuts early next year, noting that monetary policy could be loosened at the start of 2Q2025. She said that the benchmark rate could be reduced by a total of 50bp to 75bp next year, while a 100bp cut would be "a bit too risky." Elaborating on the interest-rate outlook, Maslowska said that "if the first cut is at the turn of the first and second quarters, then the next cuts should be expected in the second half of the year." She added that although policymakers would like to lower interest rates as soon as possible, fiscal situation and broader uncertainty around inflation warrant caution.
  • The next meeting of the parliamentary Constitutional Accountability Committee (ODK) has been scheduled for October 15. The panel summoned another five witnesses, who will testify in the ongoing probe into the conduct of NBP Governor Adam Glapinski.
  • Business Insider reported that the government sees a chance for increasing annual tax-free allowance in 2028. The idea has been shelved after the EU launched the Excessive Debt Procedure (EDP) against Poland, but the Finance Ministry is hoping that the fiscal situation will sufficiently improve over the next few years.
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  • MPC's Gabriela Maslowska backed calls for interest-rate cuts early next year, noting that monetary policy could be loosened at the start of 2Q2025. She said that the benchmark rate could be reduced by a total of 50bp to 75bp next year, while a 100bp cut would be "a bit too risky." Elaborating on the interest-rate outlook, Maslowska said that "if the first cut is at the turn of the first and second quarters, then the next cuts should be expected in the second half of the year." She added that although policymakers would like to lower interest rates as soon as possible, fiscal situation and broader uncertainty around inflation warrant caution.
  • The next meeting of the parliamentary Constitutional Accountability Committee (ODK) has been scheduled for October 15. The panel summoned another five witnesses, who will testify in the ongoing probe into the conduct of NBP Governor Adam Glapinski.
  • Business Insider reported that the government sees a chance for increasing annual tax-free allowance in 2028. The idea has been shelved after the EU launched the Excessive Debt Procedure (EDP) against Poland, but the Finance Ministry is hoping that the fiscal situation will sufficiently improve over the next few years.