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Zloty Shrugs Off Uneventful NBP Monetary Policy Decision


EUR/PLN underwent negligible (if any) turbulence on the release of the NBP's monetary statement after a meeting at which officials left interest rates unchanged. The rate last deals at PLN4.6788, down 115 pips on the day, with familiar technical levels still in play.

  • POLGBs have remained under light pressure and last trade up to 7.7bp lower across the flattened curve. The WIG20 index has added ~0.3%, showing little reaction to NBP headlines.
  • Poland's central bank noted that "a decrease in inflation would be faster if supported by appreciation of zloty exchange rate, which, in the Council’s assessment, would be consistent with the fundamentals of the Polish economy." The phrasing was taken verbatim from the February statement.
  • The focus now turns to tomorrow's press conference with Governor Adam Glapinski.

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