Polish Weekly Review, 11 października 2013

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Recent interview with Bratkowski is dovish. He expects tightening to begin in late 2014 but this date is conditional on GDP growth running at 3% (his forecast for end-2014). Such a scenario does not diverge much from current market consensus. This also applies to inflation running at the proximity of NBP target at that particular date. Earlier hikes are possible should QE tapering brings PLN depreciation (but accompanied by decent GDP growth).

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