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NBP Likely To Hike By 100bps On May 5

POLAND
  • This week, the NBP is meeting and is likely to hike its policy rate by 100bps following the strong uptick in inflation in April.
  • This would levitate the benchmark rate to 5.5% (highest level since November 2008).
  • As a reminder, preliminary April inflation accelerated to 12.3% YoY (vs. 11.4% exp.), up from 11% the previous month.
  • The European Commission said on Tuesday that the daily fines imposed on EU member country Poland for not complying with an order to suspend a disciplinary mechanism for judges have now piled up to more than 160 million euros (BBG). A fine that the government still refuses to pay according to the media reports.

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