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The Warsaw Voice » Business » September 14, 2018
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MPC's annual strategy
September 14, 2018   
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Adam Glapinski
Poland's Monetary Policy Council retained its overall policy rationale, holding to a mid-term direct inflation target of 2.5% +/- 1 percentage point, a target which will be pursued flexibly to ensure any shocks won't distort policy, the council said in its annual strategy outline.
The 2019 guidelines showed no viable discrepancies to prior versions, matching a recent signal from NBP governor Adam Glapinski that the document bore "nothing revolutionary."
The council opened with a hat tip to its Constitutional mandate of price stability first, growth second. Financial stability has long-since been added to the council's own mix of goals and considerations.
As ever, the council will work within a floating exchange rate system with no FX target, but offers its standard warning of the possibility of intervention.
The policy will be "flexible" when faced with shocks, the council continues to insist, with response dependent on the kind of shock and their expected long-term effects.
The central bank left its full policy toolbox unchanged versus the prior version of the document.
The MPC expects to be working amid a mild slowdown and innocuous levels of inflation, the document indicates.
A slowdown in economic growth should prove modest, with consumption growth remaining at strong, albeit somewhat lower than to date.
In investments, public investment growth should slow, offset, however, by acceleration in corporate investments, which "should be supported by favorable financial situation of firms and high capacity utilization," the council said.
Inflation is expected to accelerate in 2019, but remain close to the target, as inflation processes abroad will remain moderate.
Available forecast don not suggest significant risk of imbalance buildup in 2019, the council noted.
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