Polish Central Bank Releases Statement After MPC Meeting

The National Bank of Poland published a statement after its monetary policy meeting, during which members voted to keep interest rates unchanged.

• Communique from this week's meeting is almost a carbon copy of the April statement, with the only new comments citing the latest economic data. There are no indications of formally ending the rate-hike cycle and no major tweaks to the overall assessment of the economy. More details will be provided at Governor Adam Glapinski's press conference tomorrow.
• The Monetary Policy Council expects that inflation will ease towards the target over the coming quarters, albeit "given the strength and persistence of the earlier shocks, which remain beyond the impact of domestic monetary policy, the return of inflation to the NBP inflation target will be gradual."
• "The decrease in inflation would be faster if supported by an appreciation of the zloty exchange rate, which, in the Council’s assessment, would be consistent with the fundamentals of the Polish economy.
• "Further decisions of the Council will depend on incoming information regarding prospects for inflation and economic activity."
• Click here to see the full statement.