19:27 10 July 2026
Glapiński’s moves weakening the zloty
NBP Governor Adam Glapiński said he is “dovish” and would like to cut interest rates after the summer, surprising markets and weakening the złoty. After his comments, the euro rose to PLN 4.33, its highest level since November 2024, while Polish government bonds strengthened and futures began pricing in a 0.25 pp rate cut. The move would contrast with major central banks such as the ECB and possibly the Fed, where higher rates remain on the agenda. A Polish rate cut may seem surprising given solid growth, low unemployment and inflation near target. However, weaker wage pressure could support lower inflation and give the NBP room to ease policy.
(pb.pl)
