Although we have nudged up our growth forecasts for next year, we do not expect policymakers in the region to raise interest rates for some time. While Turkey and the Czech Republic are likely to be the first in the region to hike towards the end of 2010, we expect Polish rates to stay on hold until Q1 2011. Elsewhere, interest rates in Hungary and Romania have further to fall, with the bulk of cuts expected in the next six months.