Tag: Adam Glapiński

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Poland Holds Interest Rates at 3.75% as Investors Begin Pricing in Increases

Poland's central bank left interest rates unchanged in October, but rising inflation has prompted markets to consider future increases.

Polish Economy Misses Forecasts as mBank Sees a Sharper Slowdown in Early 2027

Poland’s August data came in below expectations: industrial output, retail sales and wage growth disappointed, while inflation accelerated. mBank economists argue this is not yet the start of a sharp slowdown, which may become more visible in early 2027 as higher energy and fuel prices squeeze real incomes.

RPP, ECB and US Inflation Set Up a Volatile Week for the Zloty

Polish assets face a dense week of central-bank and inflation signals. Markets expect the RPP to hold rates and the ECB to raise them, but communication from policymakers — and Friday’s US CPI report — could matter more than the decisions themselves.

Euro Hits Highest Level Since 2024 After NBP Governor Signals Possible Rate Cut

Dovish comments from National Bank of Poland Governor Adam Glapiński have strengthened investor expectations of earlier interest-rate cuts in Poland. Markets have once again...

Could Mortgage Payments Fall After the Summer? Glapiński May Propose Another Interest Rate Cut

As expected, Poland’s Monetary Policy Council left interest rates unchanged, with the reference rate remaining at 3.75%. The decision came as no surprise to...

Interest Rates May Rise Again. Poland’s MPC Could Start Discussing Hikes as Early as July

The interest rate futures market is pointing to two or three rate hikes this year and to the forward rate reaching 4.5 percent in...

Fragile Iran Ceasefire Starts to Crack as Markets Watch the Strait of Hormuz

The fragile ceasefire around Iran is beginning to crack. The United States is actively trying to break Iran’s blockade of the Strait of Hormuz...

Polish MPC Expected to Keep Interest Rates Unchanged, but Tone May Become More Cautious

We expect Poland’s Monetary Policy Council to keep interest rates unchanged this week. However, recent market developments and incoming data may prompt policymakers to...

Glapiński Sounds Dovish, but the Market Reaction Remains Muted

Despite the fairly dovish rhetoric of NBP Governor Adam Glapiński, the EUR/PLN exchange rate has remained stable, hovering only slightly above the long-term forecast...

No Surprise Expected from MPC as Investors Await Today’s Decision

The Monetary Policy Council is concluding its two-day meeting today, with investors overwhelmingly expecting no change in interest rates. The baseline scenario assumes that...

Presidential Veto on SAFE Funding Raises Concerns Over Poland’s Fiscal Stability, Fitch Warns

President Karol Nawrocki’s decision to veto the law enabling Poland’s participation in the SAFE mechanism has sparked controversy both domestically and internationally. According to...

A New Phase in the Power Struggle Over the National Bank of Poland’s Management Board

Naturally, observers’ attention is currently focused on the interest rate cut by the Monetary Policy Council (RPP), as well as on the new involvement...

NBP Press Conference After Rate Cut: Cautious Tone Signals Less Certain Path for Further Easing

Today’s press conference following yesterday’s interest rate decision by the National Bank of Poland did not bring any major surprises. As a result, market...

Poland’s Central Bank Delivers First Rate Cut of the Year Despite Geopolitical Tensions

As expected, Poland’s Monetary Policy Council (RPP) decided to implement the first interest rate cut of the year. While such a move would not...
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