Polish Central Bank's Janczyk says it is possible that Poland will not change rates in December

Polish Central Bank's Janczyk says it is possible that Poland will not change rates in December.

A single MPC member flagging a possible hold is a familiar pre-meeting pattern at the NBP, where policymakers have historically been divided between a dovish wing favouring early easing and a hawkish wing that has argued rates should stay on hold for an extended period. Remarks of this kind matter mainly for the December MPC decision itself rather than for any longer path, since the board has a track record of surprise moves in both directions and its communications have not always telegraphed the outcome cleanly. The distinction worth drawing is between a hold as a pause within an easing sequence and a hold that signals the easing cycle is done: the former re-prices timing in front-end PLN rates, the latter lifts the level and supports the zloty through the rate differential channel. Individual member comments carry less weight than the governor's post-meeting press conference, which has on previous occasions reframed the entire decision. The follow-ons are other MPC members' remarks, the inflation projection path, and the governor's tone at the December briefing. As commentary rather than a decision, the signal is directional only.