Poland's July MPC minutes not so dovish

According to the July NBP minutes, the majority of council members want rates to stabilise at the current level. They wrote in the minutes that "in the coming years inflation was likely to gradually rise towards the target, but there was no risk of exceeding the target in the medium term [...] real interest rates will decline along with the forecasted increase in price growth, it is justified to stabilise nominal interest rates at the present level." 

The hawkish members are already eying a potential rate hike, probably when real interest rates are close to zero. In their opinion "with nominal interest rates unchanged amidst gradually accelerating price growth, real interest rates might approach zero next year [...] it may be justified to consider in the coming quarters an increase in interest rates." 

"However, it should not be forgetten that a new council is to take over next year, with eight new members starting in March and a new NBP governor in July 2016. It is possible that the new members' views will differ from those of the current MPC members", says Societe Generale.