National Bank of Poland (NBP) Governor Adam Glapinski signaled a shift to a more neutral and flexible monetary policy stance during his remarks at the G20 summit. This adjustment comes after a hawkish surprise in August’s Consumer Price Index (CPI) and the Polish Zloty’s underperformance compared to its Central European peers (CE3), according to Commerzbank.
Commerzbank noted that Glapinski avoided previous dovish suggestions of imminent rate cuts, reflecting a more cautious approach amid inflation pressures. The Polish Zloty’s relative weakness against other CE3 currencies has also influenced this more measured tone.
For Japanese investors, these developments highlight ongoing volatility in Eastern European markets, emphasizing the importance of closely monitoring central bank signals in the region’s FX and equity sectors.