WARSAW: Poland’s central bank cut its main interest rate by 75 basis points to 6% on Wednesday (Sept 6), in a shock decision ahead of October election...
Poland’s central bank cut its main interest rate by 75 basis points to 6% on Wednesday , in a shock decision ahead of October elections that sent the zloty currency tumbling against the euro.
“In the Council’s assessment, recently incoming data point to a weaker demand pressure than previously expected, which will contribute to a faster return of inflation to the NBP inflation target,” it said in a statement. While inflation continued to fall in August, it fell slightly short of this target, coming in at 10.1%, according to a flash estimate.“We have already said that it is too early for a rate cut, and certainly such an aggressive rate cut, when the prospects in inflation are still distant,” said Piotr Bielski, director of the economic analysis department of Santander Bank Polska.
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