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POLAND: NBP's Tyrowicz Sees No Room For Cuts

POLAND
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  • MPC's Joanna Tyrowicz, a regular hawkish dissenter, told TVN24 that inflation "is not at the target, is not approaching it, and not all of the [NBP's rate] past decisions were correct." She added that the central bank's analytical materials show that inflation will not return sustainably to the target by 2026, which should keep rate cuts off the table. She suggested that NBP Governor Adam Glapinski's rhetoric (see our review of last week's rate decision and press conference for more details) may be related to next year's presidential election rather than the current economic situation, even as most MPC members have recenty flagged the potential for starting a debate on rate cuts as soon as in March.
  • Comments from Chief of the General Staff Wieslaw Kukula raised some eyebrows as he appeared to be forecasting a military conflict. During the inauguration of the new academic year at one of the military academies, Poland's top commander said that "everything suggests that we are a generation which will have to take up arms in defence of our country. And neither I, nor, I think, any of you intends to lose this war. We shall win, come back, and continue to build Poland."
  • TVN24 reported that Law and Justice (PiS) will announce its merger with junior partner Sovereign Poland (SP) during a party congress this Saturday. The party will undergo structural changes intended to boost its electoral chances in next year's presidential race and beyond.
  • Poland's financial market watchdog KNF said that the regulators decided to ditch plans to replace current benchmark interest rate WIBOR with WIRON as it proved too volatile. They will now hold another round of consultations on replacing WIBOR.
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  • MPC's Joanna Tyrowicz, a regular hawkish dissenter, told TVN24 that inflation "is not at the target, is not approaching it, and not all of the [NBP's rate] past decisions were correct." She added that the central bank's analytical materials show that inflation will not return sustainably to the target by 2026, which should keep rate cuts off the table. She suggested that NBP Governor Adam Glapinski's rhetoric (see our review of last week's rate decision and press conference for more details) may be related to next year's presidential election rather than the current economic situation, even as most MPC members have recenty flagged the potential for starting a debate on rate cuts as soon as in March.
  • Comments from Chief of the General Staff Wieslaw Kukula raised some eyebrows as he appeared to be forecasting a military conflict. During the inauguration of the new academic year at one of the military academies, Poland's top commander said that "everything suggests that we are a generation which will have to take up arms in defence of our country. And neither I, nor, I think, any of you intends to lose this war. We shall win, come back, and continue to build Poland."
  • TVN24 reported that Law and Justice (PiS) will announce its merger with junior partner Sovereign Poland (SP) during a party congress this Saturday. The party will undergo structural changes intended to boost its electoral chances in next year's presidential race and beyond.
  • Poland's financial market watchdog KNF said that the regulators decided to ditch plans to replace current benchmark interest rate WIBOR with WIRON as it proved too volatile. They will now hold another round of consultations on replacing WIBOR.