The "Monetary policy assumptions on the year 2022" by Monetary Policy Council (MPC) actually doesn’t explain much.
"In 2022, the scope, manner, and scale of the use of monetary policy instruments by NBP will take into account the conditions accompanying its conduct, in particular the economic consequences of the COVID-19 pandemic. As in previous years, monetary policy instruments can be used flexibly, taking into account the changing macroeconomic and market conditions. Therefore, depending on the direction and dynamics of changes in these conditions, it will be possible to both limit the scope of the monetary policy instruments used in 2022 in relation to the current state, as well as extend it,” the document reads.
The NBP predicts that in 2022 monetary policy will be conducted in the conditions of the persistent excess liquidity of the banking sector.
"This state of affairs will be influenced, among others, by changes in the use of monetary policy instruments introduced by NBP in 2020. Moreover, the increase in the level of liquidity in 2022 will be driven by the purchase of foreign currencies from the Ministry of Finance. The sale of foreign currencies by the NBP for the needs of the European Commission, in connection with the conversion of the membership fee, and the increase in cash in circulation, will be conducive to limiting the level of banking sector liquidity,” we read further.