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Financial News: Poland Interest Rates Left Unchanged

Poland Interest Rates Left Unchanged

06/07/2017 - 10:03:00 (RTTNews)

(RTTNews) - Poland's central bank held its record low interest rates steady on Wednesday, as expected.

The Monetary Policy Council of the National Bank of Poland decided to maintain the key reference rate unchanged at a record low 1.50 percent.

The previous change in the reference rate was a half-basis point cut in March 2015.

The lombard rate was kept unchanged at 2.50 percent and the deposit rate at 0.50 percent. The rediscount rate was held at 1.75 percent.

The Polish economic growth improved to 4 percent in the first quarter. Headline inflation has eased and remains below the bank's target of 2.5 percent.

That said, core inflation has started to show signs of acceleration.

"As it stands, while core inflation pressures will start to build over the rest of 2017, our sense is that the headline rate would need to rise above target to persuade some of the doves to vote for a rate hike," Capital Economics economist Liam Carson said.

The economist expects that to happen in early 2018, prompting the start of a tightening cycle.

"And by year-end, we see the policy rate being raised by 100bp (to 2.50%), which is far more than the consensus and markets are anticipating," Carson said.

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