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Polish Central Bank Releases Statement After MPC Meeting

NBP

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

  • The general contours of the statement are unchanged from May communique, with the central bank reiterating multiple key phrases verbatim. The only new additions seem to be mentioning macroeconomic data released since, but the statement does not offer much discussion of the implications for monetary policy.
  • The NBP still expects "a decline in domestic CPI inflation in the coming quarters," which "will be gradual." It maintains the view that 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."
  • The repetitive nature of the statement shifts the focus to the press conference with Governor Adam Glapinski, which is slated for 14:00BST/15:00CEST tomorrow.
  • Click here to see the full statement.

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