Today’s decision by the National Bank of Poland to keep its policy interest rate unchanged at 2.00% was clearly on a knife edge and, with the economy set to remain in deflation for much of this year, we think the direction of the next move in rates will be down. The divisions within the MPC make the timing of this unpredictable. For now, we have pencilled in two 25bp rate cuts, to 1.50%, over the next six months.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.