Research (Česká spořitelna)
Macroeconomics  |  January 10, 2013 10:14:15

Poland's central bank cut rates and fulfill the expectations of the market


Poland's central bank yesterday, as expected, cut interest rates by 25 bps to 4%. Belka also the statement after the meeting suggest that this round of easing monetary policy coming to an end, and that although a further reduction in February is not ruled out, but so far as certain that after the January meeting in December. If, however, appeared extremely weak data, it would be a different story. Market at Belk and his relatively hawkish expression (market expected significantly more pronounced decline rates) reacted strongly. Zloty strengthened to 4.08 and the two-year bond yields shot up (3.35% versus 3.20% before the meeting). Ten-year-yet not significantly react.We expect two more reduction to 3.5% (of course, will depend on the further development of the Polish economy and European) market expected to decline to 2.75%.

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