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BofA Sees NBP FX Sales as Short-Term, Warns of Risks to PLN Longs

POLAND

BofA comments on PLN:

  • NBP will likely focus on the FX channel particularly in the next few months, worried about downside risks to growth
  • but probably should not commit to foreign currency tools in the longer term
  • Central bank has the capacity to influence the PLN in the near term via actual intervention, tangible rate cut threat to zero, verbal intervention, and expansion of its asset purchasing program,"
  • but in the long term may not be ready to, and probably should not, commit to FX tools, unless the crisis deepens and monetary policy runs out of options
  • Markets may be "extra cautious in the coming months" to go long PLN, as the central bank seems to want EUR/PLN to be around 4.50 or higher
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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