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BNP Maintains A Terminal Policy Rate at 8%

POLAND
  • BNP remains bearish on the PLN in H2 amid rising inflation rate differential between Poland and the Euro zone, worsening external balances and political divergence with the EU.
  • BNP expects the PLN to weaken up to 5 against the Euro by the end of the year.
  • In addition, BNP maintains a terminal policy rate at 8%, expected to be reached in early 2023 (vs. Q4 2022 previously).

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