Managing assets worth €37 billion, the French fund Carmignac describes Poland as a country "particularly exposed to an increase in inflation" and predicts that the National Bank of Poland will soon be forced to raise interest rates in order to curb price growth.
Such an opinion was expressed in a letter from a member of Didier Saint-Georges's strategic investment committee. Saint-Georges also admitted that Carmignac is currently taking short positions in the markets it deems most exposed to rising inflation, with Poland as an example.
To clarify: in the financial markets, taking a short position means entering into trades that are profitable in the event of a decrease in the price of a given financial instrument. In practice, therefore, Carmignac predicts a decline in asset prices on the Polish market.
As predicted by the fund, inflation may soon become such a pressing problem in Poland that the NBP will be forced to introduce restrictive monetary policy and raise interest rates sooner than originally planned.