Polish central bank hikes main rate as it battles zloty weakness
Currency has fallen sharply since Russia’s invasion of Ukraine, adding to fears over high inflation
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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