Poland’s Central Bank Cuts Interest Rates Ahead of Elections
Poland’s central bank surprised markets by cutting its main interest rate by 75 basis points to 6 percent, ahead of upcoming elections in October. Analysts had expected a smaller, 25-basis point cut. The decision sent the zloty currency tumbling against the euro, and banking stocks dropped more than 5 percent. The National Bank of Poland said it made the decision based on expectations of inflation returning to its target faster than anticipated. Economists warned of the inflation risks posed by such a drastic shift in monetary policy, while some speculated that the move may have been influenced by political considerations.
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