January 22, 2022

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Glapiński explains: NBP will adjust monetary policy

Glapiński explains: NBP will adjust monetary policy

NBP will adjust monetary policy in a way that ensures a return in line with the data received and its assessment inflation Act inflation target The Medium – Books in Print Edition “Financial Controller” President of the National Bank of Poland Adam Glapinski.

Glapiński referred to the latest IMF report, Fr. The economic situation of Poland. As noted, MFW He shared the view that the observed increase in price dynamics in Poland was mainly caused by external factors, including energy pricesAny factors outside the control of monetary policy.

“So, in the beginning, by judging the increase in inflation as temporary, we maintained that interest rates without change. Then, with more external shocks occurring – primarily a renewed increase in commodity prices in global markets – our robustness assessment Inflation increase It changed, which prompted us to tighten monetary policy ”- wrote the head of the NBP in the commentary.

He agreed with the IMF that unless something unexpected happens, particularly given changing economic conditions and the course of the pandemic, further price increases may be needed to prevent high inflation from becoming permanent.

“Like the representatives of the International Monetary Fund, we have also emphasized for a long time that in the current macroeconomic conditions, when the epidemic continues and at the same time there is a rapid economic recovery after the epidemic, it is very difficult to set the target price level, not only in the case of Poland, but also in any Another country ”- Glapiński noted.

He noted that the NBU will adjust monetary policy in such a way as to ensure that inflation returns to the target in the medium term in line with the data received and its assessment.

“We are pleased that the representatives of the International Monetary Fund are evaluating our actions positively and indicating that the decisions on the rate increase on the unrestricted net profit were adequate and in no way delayed. This assessment is supported, among other things, by the IMF’s projections, according to In which Poland’s inflation will fall towards the middle of the inflation target range by the end of 2023 and remain in line with the target after 2023.” – confirmed the head of the Central Bank.

“It is also worth noting that, according to the assessment of representatives of the International Monetary Fund, for most of 2021, data on core inflation in Poland gave unclear signals, which did not allow to clearly say that price pressure is increasing. The year brought more tangible signs of an increase in price pressure “.

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