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NBP Still Has Scope To Raise Interest Rates (Litwiniuk)

POLAND
  • NBP policymaker Litwiniuk mentioned on radio that Poland still has scope to raise interest rates as more tightening is needed to ease the inflationary pressures.
  • Yesterday, economic data showed that core CPI accelerated to 9.3% in July (vs. 9.2% exp.), up from 9.1% the previous month.
  • Preliminary CPI data at the end of the month combined with the PLN dynamics will be key for next policy meeting on September 7.
    • As a reminder, August meeting is a one-day non-decision-making meeting.
  • Economic data to watch this morning will be Q2 GDP data, expected to rise by 6.3% YoY (vs. 8.5% the previous month).

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