When Will Interest Rates Be Cut? Glapiński: It Could Happen Sooner

05/09/2024

15:54

Michał Lubowicki

- I spoke about this at previous conferences, and it caused some interpretational confusion. Some interpreted it to mean that the NBP President said the first interest rate cut might happen in 2026. I didn't say anything like that. I said that according to current data, available right now, including projections, the inflation target might be achieved in 2026 - stated Adam Glapiński at a press conference. "The Monetary Policy Council Makes the Decision and It Could Happen Sooner." NBP Head Explains - But of course, the decision is made not by the president, but by the ten-person Monetary Policy Council. A decision, for example, to lower rates, because there is some pressure and expectation for that, could happen sooner - he emphasized. As he explained: - In the past, over the last few decades, this has happened. In situations where, for example, inflation is high, elevated relative to the target, but stabilized, with no further tendency to rise. All our projections do not foresee an increase. All our projections foresee a decrease in inflation in the coming quarters. More or less dynamically. - If inflation is stabilized and a decrease is predicted in the coming quarters, then of course there will be a discussion in the Council whether and by how much interest rates can be lowered - he continued.

Michał Lubowicki

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