Following the decision to leave interest rates on hold earlier today, Governor Belka acknowledged that the Polish economy appears to be undergoing a strong recovery at this afternoon’s post-meeting press conference. Nonetheless, with inflation pressures muted and likely to remain so, the MPC appears to be in no rush to tighten monetary policy. For now, we expect one very modest 25bp rise in the benchmark interest rate next year. For their part, the financial markets are pricing in 75bp of hikes.
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