The National Bank of Poland’s reference rate remained unchanged at 5.75 percent. This decision aligns with market consensus and no one really expected a different outcome. The main argument for maintaining the current rates is the uncertainty regarding the level of inflation in the second half of the year and its subsequent sustained decrease to aim.
It is worth paying attention to wage data, which shows their strong nominal increase. It may soon translate into a rebound in consumption. Therefore, we do not rule out the scenario in which interest rates will no longer be reduced by the end of the year.
Bartosz Wałecki, Analyst at Michael / Ström Dom Maklerski.
