8 Sep 2023


Is it the most dovish central bank around? Despite roughly 10% inflation, The National Bank of Poland cut rates by 75bp to 6%, versus expectations of a 25bp cut. - Poland’s central bank delivered a surprisingly steep interest rate cut in a bid to boost a slowing economy less than six weeks before a tightly-contested election, weakening the zloty and hammering banking stocks. - The decision to lower the benchmark rate by three quarters of a percentage point — the most since the fallout from the great financial crisis in 2009 — to 6% caught economists off guard. Most had predicted a quarter point reduction. - The decision takes on a political dimension coming so close to the Oct. 15 election and has left investors guessing at the next move, with some predicting that the easing cycle has ended as soon as it began. Source: Bloomberg


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