Polish Zloty: Hawkish talk but weak PLN outlook – Commerzbank

Tatha Ghose at Commerzbank reports that NBP Governor Adam Glapinski presented a hawkish tone but effectively signalled no action until at least Q1, ruling out a December hike. New projections show inflation above target into 2027, even with tax relief. Ghose warns that relying on temporary fuel-price measures risks leaving monetary policy too loose and sees this as negative for the Zloty.