Interest rate cuts next week? MPC member: “I would vote”

The Central Statistical Office (GUS) announced today that according to the flash estimate, inflation in August amounted to 10.1 percent. These data were commented by the member of the Monetary Policy Council (RPP) Gabriela Masłowska.

MPC member on interest rate cut

In her opinion, “it was to be expected that the rate of decline in inflation would weaken”. – Nevertheless, we have a downward trend, quite persistent, for many months. It seems that nothing will stop this downward trend, the more so that we are also dealing with it in other countries in the vicinity of Poland – Masłowska said.

Next week will be the first decision-making meeting of the Monetary Policy Council after the summer break (September 5-6). During the press conference after the last meeting of the Council, the governor of the National Bank of Poland, Adam Glapiński, stated that an interest rate cut was possible already in September, if inflation falls to single digits and forecasts point to further declines. Gabriela Masłowska admits that she sees reasons to reduce interest rates at the next MPC meeting.

– I emphasize that I do not speak on behalf of the Council, I present only my personal opinions. In my opinion, there are reasons to lower interest rates. If there was a motion to cut rates at the MPC meeting in September, I would vote for this motion – said Masłowska.

The MPC member does not want to forecast the amount of interest rate cuts. Masłowska emphasizes that first a thorough analysis of all the data that NBP analysts will provide to the Council before the meeting will be necessary.