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Polish Central Bank Maintains Inflation Target Of +2.5% Y/Y +/- 1pp For 2024

NBP

The National Bank of Poland published the "Assumptions of Monetary Policy for 2024" approved by the Monetary Policy Council earlier this month.

  • The MPC "upheld its earlier monetary policy strategy" confirming that "maintaining price stability remains the key aim of monetary policy".
  • The NBP reaffirmed its medium-term inflation target of +2.5% Y/Y +/- 1pp, noting that interest rates will remain the main instrument of monetary policy.
  • "Monetary policy will still be implemented in the conditions of a free-floating currency exchange rate" but the NBP does not rule out FX interventions.
  • The central bank said that "available forecasts indicate that in 2H2023 and the following years inflation will keep falling, which will be supported by the consequences of the earlier strong tightening of the monetary policy by the NBP."
  • "At the same time, because of the scale and persistence of earlier shocks, which were beyond the influence of domestic monetary policy, the return of inflation to the NBP inflation target will be gradual."
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