Poland bucks expectations and EU trend with rate hold

Marek Belka at National Bank of Poland
Marek Belka, president, National Bank of Poland

The National Bank of Poland (NBP) kept its key policy rate unchanged at 2.5% today, bucking expectations it would ease amid low inflation and the European Central Bank's (ECB) easing bias.

Loosening monetary policy is the order of the day in Eastern Europe. The National Bank of Romania cut its key rate by 25 basis points to 2.75% yesterday. Meanwhile, the Czech National Bank has extended its exchange rate commitment until 2016 and its board will meet again tomorrow.

In October the Polish central

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