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ING on NBP, Inflation and PLN

POLAND
  • ING has revised up our CPI forecast for 2022 to 10.5% on average (with upside risks) and 8.4% year-on-year in 2023.
  • ING central forecast for NBP rates in 2022 is 6.5% and 7.5% in 2023.
  • ING looks for a 50bp hike this week (with upside risk) and still hawkish rhetoric.
  • ING also sees substantial scope for zloty recovery in 2022.
    • EUR/PLN should near 4.50 by year-end, or sooner.

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