Russian trade retaliation unlikely to dent Polish growth - rate setter Osiatynski
April 4, 2014
Eventual trade or economic retaliation from Russia would do little to change the monetary policy outlook, Poland’s rate council MPC member Jerzy Osiatynski said during a televised interview.
Any reciprocal trade sanctions could take only one to two tenths of a percent off of Polish growth rates at most without offering the type of impact on inflation worth council consideration, Osiatynski told TVN24 BiS broadcaster.
Reduced exports to the east could take "a tenth or two tenths of a percent" from Polish growth rates "and even that is not certain," he said.
Any resulting rise in supply on the Polish market, most likely on foodstuffs, wouldn't offer the type of price relief worthy of council consideration, Osiatynski indicated.
"In Poland today there is no strong inflation pressure so anything that curbs something that really doesn't exist isn't really worth discussing," Osiatynski said.
Comments follow Wednesday agency reports that Russia will ban imports of pork products from Poland and Lithuania as of April 7. Imports of pork from the EU have already been blocked at end-January after discovery of cases of African swine fever in Lithuania and Poland.