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(Bloomberg) — Poland’s central bank could make one of the newest rate hikes in this tightening cycle as it diverts attention from the fight against inflation to an economic slowdown.
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Policymakers will raise the benchmark rate across 25 core issues to 6. 75% on Wednesday, according to 23 of the 28 economists surveyed through Bloomberg, making it the eleventh consecutive time rising from near zero.
Central Bank Governor Adam Glapinski said last week that loan prices would rise once or twice and only up to a quarter of a percentage point.
Ludwik Kotecki, a policymaker, the governor told members of the Monetary Policy Council that he would come up with a move for an increase at Wednesday’s meeting. Glapinski will comment on the resolution at a 3 p. m. news conference. in Warsaw on Thursday.
While inflation remains at its highest level in just 26 years, the central bank expects it to start falling in the coming months as the economy cools.
Gross domestic product fell 2. 3% in the current quarter from the past three months and a output gauge fell for the fourth straight month.
Glapinski said in July that a technical recession, two consecutive quarters of declining output, could occur this year.
Still, the central bank will have to keep its functions open and will be reluctant to rule out further interest rate hikes, he told Business Insider in the Aug. 29 interview, until it has more clarity on energy costs and the government’s reach. be offering homes.
Economists at PKO Bank Polski SA expect a cautious rate hike, “given the less inflationary design of the economic expansion and the sharp slowdown in the productive sector. “
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