Monetary Tightening Cycle To Extend In H208?

August 2008 | Economic Analysis

As we expected, the National Bank of Poland (NBP) kept its policy rate on hold at the latest monetary policy meeting on July 30. We previously highlighted that having brought forward the monetary tightening cycle, with a cumulative 100bps in hikes during H108, the bank would likely hold fire on further rate action to assess developments within the economy. This has been confirmed in the accompanying press release, with the NBP highlighted the risks posed by the tightening labour market and elevated global soft commodity and energy prices, while also cautioning of slowing economic growth ahead.

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