Poland's c. bank governor likely in favour of 50 bps cut if government decides to keep energy prices low
If the government decides to maintain low energy prices, Poland's central bank NBP governor Adam Glapinski would be inclined to support a motion to reduce prices by 0.5 percentage points, otherwise by 0.25 percentage points, according to statements made by Glapinski on Thursday's press conference following the MPC decision-making meeting held on Wednesday.
"I am in favour of gradual, cautious, conservative approach. I would not make a sudden, big decision, considering that all this is uncertain (...) But if the government would make some clear legal decisions that gas and electricity prices would not increase, I would be willing to make a more bold decision, e.g. 0.5 percentage points, and even then, at the beginning of next year, repeat these 0.5 percentage points,” Glapinski declared, adding that he would prefer a 0.25 percentage points cut, if the situation remains unclear.
"The timing and scale of the cuts will depend on the data (...). My personal view is that this should not be a cycle (...). It is a bit too early for a cycle, it would be an adjustment to this lower level,” he stressed.
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