Thu, Jun 25 2009, 06:42 GMT
by Lars Christensen
Poland's central bank (NBP) is retaining its easing bias in monetary policy, governor Slawomir Skrzypek said after the bank's Monetary Policy Council cut the main rate by 25bp. Skrzypek also added that the NBP could cut its required reserve rate for commercial banks to the 2%-level of the ECB. 1) The comments are more dovish than expected, and we are now considering putting rate cuts into our forecasts. 2) The NBP seems more worried about that the economy than earlier anticipated. Adding to these comments that the Polish government on Tuesday increased its budget deficit forecast to PLN27bn for 2009 (4½-5% of GDP) increases our concerns about the general state of the economy. Today’s comments are in our view negative for the Polish zloty and should lead to lower markets yields going forward.
Published on Thu, Jun 25 2009, 06:52 GMT
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