National Bank of Poland

Polish Central Bank Rate Hike

September 7, 2022

Officials at the National Bank of Poland engineered their eleventh interest rate hike since August 2021, lifting such from 0.25% to 6.75% after today’s 25-basis point increment. The Russian invasion of Ukraine has been particularly disruptive and unsettling to this neighboring economy. CPI inflation, which has been aggravated by zloty depreciation, has tripled from 5.5% […] More

A Busy Wednesday as Central Banks Compete with Data for Market Attention

September 7, 2022

Dollar strength continues, with another 20-year high touched overnight by the weighted DXY index. At 144.98, the dollar climbed 1.4% overnight and to its highest Japanese yen value since August 1998 when the Asian debt crisis was raging. The greenback also has advanced 0.8% versus sterling and 0.3% vis-a-vis the Canadian, Australian and New Zealand […] More

Comparing the Central Bank Interest Rate Paths of the United States, Brazil, U.K., Iceland,Poland and Czech Republic

May 5, 2022

All six of the central banks in this comparative study had interest rate hikes announced either today or yesterday. In none of the cases was the increase the first one of the current cycles. All these tightening cycles represent responses to accelerating inflation caused in large part by external factors like the pandemic, policy responses […] More

Another Polish Interest Rate Hike

April 6, 2022

An increase of the National Bank of Poland’s policy interest rate to 4.5% from 3.5% announced today marks the seventh straight tightening from a pandemic low of 0.1% prior to last October. Such was the biggest incremental move in the current tightening sequence and was twice the size anticipated by analysts. 4.5% represents the highest […] More

Polish Central Bank Interest Rate Lifted to 3.5% from 2.75%

March 8, 2022

Today’s sixth consecutive hike in the National Bank of Poland’s policy interest rate was larger than the previous three 50-basis point increases, but the rate level remains far beneath the latest 9.2% 12-month rate of consumer price inflation and far above the 1.5 – 3.5% corridor that officials associate with price stability. According to a […] More

Poland’s Central Bank Interest Rate Hiked to 2.75% from 2.25%

February 8, 2022

The Monetary Policy Council at the National Bank of Poland announced its fifth rate increase since October when the reference rate was languishing at a mere 0.10%. Most central banks around the world have been switching priorities, putting more emphasis on containing high inflation, or to put a finer point on it, ensuring that medium-term […] More

Polish Central Bank Interest Rate Raised 3 Times by Total of 165 Basis Points in Final Quarter of 2021

December 8, 2021

Following up on hikes of 40 basis points in October and 75 bps in November, officials at the National Bank of Poland lifted the reference interest rate today by 50 bps to 1.75%. In so doing, the entire post-pandemic rate reduction in 2020 from 1.50% at the start of last year has been reversed and […] More

National Bank of Poland Tightens

October 6, 2021

Poland’s is the latest central bank to hike interest rates in the face of above-target inflation. Whereas earlier rate increases announced in New Zealand and Iceland were not unexpected, a 40-basis point policy rate hike to 0.5%, which reverses the last of three cuts in the first half of 2020, had not been forecast. In […] More

Somewhat Weaker Dollar

April 8, 2021

The dollar is trading 0.2% lower against its DXY weighted index and versus the loonie, Swiss franc, sterling, Turkish lira and Mexican peso. Larger drops include losses of 0.6% versus the yen, 0.5% against the kiwi and yuan, and 0.4% vis-a-vis the New Zelanad dollar. No net change against the euro limited the weighted dollar’s […] More

Uncertain Economics, Public Health, and Politics

February 4, 2021

Investors continue to grapple with uncertainty on several planes. Covid: The trend in new cases has slowed but remains well above what was seen in earlier waves of the pandemic. Hospitalizations are down, but two potential super-spreading events loom: the Chinese New Year holiday and Super Bowl Sunday in the United States. Vaccines are being […] More