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NBP Should Not Hike Rates Further (Eryk Lon)

POLAND
  • Earlier this morning, NBP policymaker Eryk Lon mentioned in an interview that it would be best if there were no more hikes.
  • Hiking rates too aggressively could significantly impact the economic activity as the Covid uncertainty remains elevated.
  • This week, NBP member Grazyna Ancyparowicz said that central bank may raise interest rates by 50bps at the next meeting if the growth pace of consumer credit holds.
  • NBP Hardt also sees a 50bps hike in January to combat high inflation.
  • Yesterday, economic data showed that core Inflation accelerated to 4.7.% in November (as expected), up from 4.5% the previous month, diverging from the NBP 4% upper tolerance band. Core CPI is now standing at a 20-year high.

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