Polish Central Bank Governor Says Rate-Hike Cycle Has Not Formally Ended

Governor Adam Glapinski finished delivering his initial statement and has now started the Q&A session. In response to the first question, he confirmed that the central bank has not formally ended its tightening cycle and keeps the door open for raising interest rates if needed.

• The Governor was answering a question about a recent comment from Prime Minister Mateusz Morawiecki, who said that rate cuts by the year-end are "possible and even likely."
• Glapinski played down this comment, noting that he "respects" the opinion of the Premier but monetary policy decisions are made by the 10-member Monetary Policy Council.
• Glapinski was non-committal about the timing of interest-rate cuts after earlier suggesting that it is too early for such discussions. He said the the scope for rate cuts will appear "at some point."