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Poland: rates on hold, but scope for cuts this year

The National Bank of Poland (NBP) left its main policy rate on hold as expected today, at 6.75%, and we don’t think policymakers will rule out further rate hikes just yet (today’s statement gave little away in terms of guidance). But with inflation likely to fall sharply in the coming months, we think the central bank will continue to leave rates unchanged and that interest rate cuts are still likely before year-end.

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