Poland's MPC could cut rates in September if data allows it, says c. bank governor
Poland's Monetary Policy Council could cut interest rates in September if the data allows it and circumstances are favourable, Poland's central bank NBP governor Adam Glapinski told Thursday's press conference following the MPC's decision-making meeting held on July 1-2.
"If these trends continue and the projections for the coming quarters, year, or year and a half remain unchanged, we are open to any decisions. We are only avoiding a situation where we would lower rates so much that we would have to raise them again later," said Glapinski when asked whether the Council could continue with rate cuts in September if the data remained favourable.
Poland's central bank governor continued that after the previous Council meeting, it appeared from the discussion that most members were convinced that there would be a cut after the summer, in the autumn, but the incoming data on wage growth and inflation was better than expected.
"And this encouraged us not to delay the decision (...)," he added.
"After listening to yesterday's discussion, I suspect that if there had been a decision-making meeting in August, there might not have been a cut [now in July] and it would have been in August. (...) If circumstances are favourable, there are no contraindications [to continuation of the reduction - PAP ed.]," he assessed.
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