| Given the absence of inflationary pressures, monetary policy should remain on hold, according to the International Monetary Fund's press release on its consultations with the Polish government. In case the inflation outlook worsens, the National Bank of Poland (NBP) has room to respond while trying to avoid abrupt exchange rate adjustments, the Fund stresses. According to its directors, NBP should stand ready to provide emergency liquidity support if needed. They noted that the decision to increase international reserves could further boost the adequacy of external buffers, although the costs of this strategy would need to be considered. After the May 25bps rate hike, the key reference rate is 4.75%. |
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