We expect the Polish central bank to keep policy rates unchanged on 7 October. Although inflation is well above target, there are no immediate signs of any broader price pressure or second-round effects, and another intervention in the fuel market (lowered excise duty and VAT) will reduce the price of gasoline for the rest of the year On Wednesday 7 October, the Monetary Policy Council (MPC) will announce its interest rate decision. We expect the Council to leave the National Bank of Poland's policy rate unchanged at 3.75%. We see November as the first meeting at which the MPC could change policy, as a fresh set of macroeconomic projections will then be available.
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