National Bank of Poland speeds up tightening

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

The National Bank of Poland increased policy rates by 100 basis points today (April 6), accelerating the tightening process it started in late 2021.

The hike took the reference rate to 4.5%, as the monetary policy committee warned Russia’s invasion of Ukraine had increased inflationary pressures. During this cycle the NBP had previously increased rates by 50 and 75 basis points.

In March, headline inflation increased year-on-year by 10.9%, well above the NBP’s inflation target of 2.5%. Higher

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