The NBH is expected to hold an additional non-rate-decision meeting today, with policymakers likely to discuss the emergence of the new variant 'Omicron' (no specific time).
The last time the NBP (Poland) held an additional non-rate-decision meeting in the end of September resulted in an aggressive 40bps hike in their October meeting (vs. unchanged expected).
Hence, policymakers are likely to discuss policy outlook given that rising Covid cases will result in a significant downward revision in growth expectations:
- on one hand, rising inflationary pressures should pressure the NBH to continue hiking rates;
- on the other hand, hiking rates too aggressively when growth expectations are fading increase recession risks.

Bullet EM Bullet Emerging Markets News Homepage

Yvan Berthoux

Bullet EM Bullet Emerging Markets News Homepage

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NBH To Hold Additional Non-Rate Decision Meeting Today