Polish central bank hikes main rate as it battles zloty weakness

National Bank of Poland entrance and sign
Photo: Andrzej Barabasz (Chepry)

The National Bank of Poland (NBP) hiked its policy rate by 75 basis points today (March 8) as it sought to curb surging inflation and tackle a sudden drop in the value of the zloty.

The hike takes the central bank’s main rate to 3.5%. It follows a series of increases since October that have brought the central bank’s main rate up from 0.1%.

In a statement, the NBP noted inflation hit 9.2% in January, well above the 2.5% target, which sits in a tolerance band of plus or minus one percentage

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