National Bank of Poland

October 2, 2013

Narodowy Bank’s reference rate of 2.5% and all other central bank rates were left unchanged.  Eight cuts between November 2012 and July 2013 totaled 225 basis points.  Poland has been experiencing very weak growth(0.4% between 1Q and 2Q and 1.1% in the year to 2Q) and sub-target (ie below 2%)  inflation.  The reference rate is historically low.  Zloty softness is a constraint against going even lower.

Copyright 2013, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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