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Poland Interest Rate Announcement (Nov.)

The decision by the National Bank of Poland to leave its policy rate on hold again today, at 5.75%, was never in doubt, and we think that interest rate cuts are unlikely to resume until the middle of next year at the earliest. The US election result, which has weighed on the zloty (alongside other EM currencies), has on balance shifted the risks to our interest rate forecast slightly to the upside.

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