WARSAW, Feb 24 (Reuters) - Following are comments made by members of the Polish central bank's Monetary Policy Council (MPC) in the run-up to their monthly interest rate decision on Wednesday.
A Reuters poll earlier in February showed analysts unanimous in predicting no change in interest rates from the 10-strong MPC, until at least the second half of the year.
The February sitting will be the first attended by all nine new members elected for a six-year term over the past two months. The term of the central bank's Governor Slawomir Skrzypek started in 2007 and will last until 2013.
Between November 2008 and June 2009, the council cut interest rates by 250 basis points to an all-time low of 3.5 percent to bolster the sharply slowing economy.
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ZYTA GILOWSKA, FEB 17
Asked whether inflation would ease to the central bank's 2.5 percent target in the first half of this year Gilowska told reporters: 'Not in the first half of the year but soon (it will).'
ANDRZEJ RZONCA, FEB 17
'Economic growth at 3 percent in 2010 is a probable scenario, unless there will be strong zloty appreciation,' Rzonca told Reuters in an interview.
'We are dealing with high uncertainty in monetary policy and we must act in a forward-looking manner. I believe that the Polish economy will be speeding up and signs of returning inflationary pressures will emerge. The MPC is responsible for price stability and it will act.'
ADAM GLAPINSKI, FEB 16
'If nothing dramatic happens then interest rates should stay unchanged in the first half of the year.' Glapinski told Reuters in a phone conversation.
'It can't be ruled out that in the second half of the year there will be a need to intervene as inflation is persistently high as for crisis times standards,' he added.
'The zloty is undervalued, but the market is shallow, which makes it susceptible to volatility,' Glapinski told TVN CNBC.
ANDRZEJ KAZMIERCZAK, FEB 16
'Inflation is a threat and we have to take it under consideration,' Kazmierczak told Reuters. 'We need to trim it below 3.5 percent, but without harming GDP growth.'
GOVERNOR SLAWOMIR SKRZYPEK, FEB 16
'We have a classical dilemma. On the one hand, one should slowly start considering interest rate hikes,' Skrzypek said. 'On the other, one should ... watch the European Central Bank.'
'In the second quarter, we expect inflation to be near the bottom of the fluctuation band (1.5 percent),' Skrzypek said.
ANNA ZIELINSKA-GLEBOCKA, FEB 16
'I see no reason to change interest rates for now,' Anna Zielinska-Glebocka told Reuters in a phone interview. 'The coming weeks will show if there's such a need (to raise rates).
ELZBIETA CHOJNA-DUCH, FEB 15
'It's a slight jump, comparing to expectations but in line with the central bank's forecast,' Monetary Policy Council (MPC) member Elzbieta Chojna-Duch told Reuters after January inflation data release.
'CPI should ease significantly in the coming months, and inflation will meet the central bank's target mid-year,' she added.
ANDRZEJ RZONCA, FEB 15
'No matter what happens with this inflation, today's data will have absolutely no impact on monetary policy,' Andrzej Rzonca told TVN CNBC Biznes ahead of January inflation data release.
'Inflation this year will ease significantly below 2.5 percent and the reading will be at the lowest level in summer months.'
GOVERNOR, SLAWOMIR SKRZYPEK, JAN 28
'As far as the inflation criterion (for joining the euro) is concerned, I believe we will meet it already in 2010 and in 2011,' Skrzypek said.
ELZBIETA CHOJNA-DUCH, JAN 27
'A further fall in inflation is expected in the first and the second quarter,' Chojna-Duch told Reuters in an interview.
'At the turn of the third and fourth quarter (inflation) may temporarily reach even 1.5 percent and will later start to increase again,' she added.
ELZBIETA CHOJNA-DUCH, JAN 26
'The recovery is of a sustainable character already,' she told reporters. 'All indicators are positive, risk factors are decreasing and that includes inflation outlook.'
(Compiled by Kuba Jaworowski) Keywords: POLAND RATES/ (jakub.jaworowski@thomsonreuters.com; Reuters Messaging: jakub.jaworowski.reuters.com@reuters.net; tel. + 48 22 653 97 23) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
A Reuters poll earlier in February showed analysts unanimous in predicting no change in interest rates from the 10-strong MPC, until at least the second half of the year.
The February sitting will be the first attended by all nine new members elected for a six-year term over the past two months. The term of the central bank's Governor Slawomir Skrzypek started in 2007 and will last until 2013.
Between November 2008 and June 2009, the council cut interest rates by 250 basis points to an all-time low of 3.5 percent to bolster the sharply slowing economy.
***************************************************************
ZYTA GILOWSKA, FEB 17
Asked whether inflation would ease to the central bank's 2.5 percent target in the first half of this year Gilowska told reporters: 'Not in the first half of the year but soon (it will).'
ANDRZEJ RZONCA, FEB 17
'Economic growth at 3 percent in 2010 is a probable scenario, unless there will be strong zloty appreciation,' Rzonca told Reuters in an interview.
'We are dealing with high uncertainty in monetary policy and we must act in a forward-looking manner. I believe that the Polish economy will be speeding up and signs of returning inflationary pressures will emerge. The MPC is responsible for price stability and it will act.'
ADAM GLAPINSKI, FEB 16
'If nothing dramatic happens then interest rates should stay unchanged in the first half of the year.' Glapinski told Reuters in a phone conversation.
'It can't be ruled out that in the second half of the year there will be a need to intervene as inflation is persistently high as for crisis times standards,' he added.
'The zloty is undervalued, but the market is shallow, which makes it susceptible to volatility,' Glapinski told TVN CNBC.
ANDRZEJ KAZMIERCZAK, FEB 16
'Inflation is a threat and we have to take it under consideration,' Kazmierczak told Reuters. 'We need to trim it below 3.5 percent, but without harming GDP growth.'
GOVERNOR SLAWOMIR SKRZYPEK, FEB 16
'We have a classical dilemma. On the one hand, one should slowly start considering interest rate hikes,' Skrzypek said. 'On the other, one should ... watch the European Central Bank.'
'In the second quarter, we expect inflation to be near the bottom of the fluctuation band (1.5 percent),' Skrzypek said.
ANNA ZIELINSKA-GLEBOCKA, FEB 16
'I see no reason to change interest rates for now,' Anna Zielinska-Glebocka told Reuters in a phone interview. 'The coming weeks will show if there's such a need (to raise rates).
ELZBIETA CHOJNA-DUCH, FEB 15
'It's a slight jump, comparing to expectations but in line with the central bank's forecast,' Monetary Policy Council (MPC) member Elzbieta Chojna-Duch told Reuters after January inflation data release.
'CPI should ease significantly in the coming months, and inflation will meet the central bank's target mid-year,' she added.
ANDRZEJ RZONCA, FEB 15
'No matter what happens with this inflation, today's data will have absolutely no impact on monetary policy,' Andrzej Rzonca told TVN CNBC Biznes ahead of January inflation data release.
'Inflation this year will ease significantly below 2.5 percent and the reading will be at the lowest level in summer months.'
GOVERNOR, SLAWOMIR SKRZYPEK, JAN 28
'As far as the inflation criterion (for joining the euro) is concerned, I believe we will meet it already in 2010 and in 2011,' Skrzypek said.
ELZBIETA CHOJNA-DUCH, JAN 27
'A further fall in inflation is expected in the first and the second quarter,' Chojna-Duch told Reuters in an interview.
'At the turn of the third and fourth quarter (inflation) may temporarily reach even 1.5 percent and will later start to increase again,' she added.
ELZBIETA CHOJNA-DUCH, JAN 26
'The recovery is of a sustainable character already,' she told reporters. 'All indicators are positive, risk factors are decreasing and that includes inflation outlook.'
(Compiled by Kuba Jaworowski) Keywords: POLAND RATES/ (jakub.jaworowski@thomsonreuters.com; Reuters Messaging: jakub.jaworowski.reuters.com@reuters.net; tel. + 48 22 653 97 23) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.