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Poland Raises Interest Rates To 4.25%

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Poland raises interest rates to 4.25% (FT)

Poland’s central bank surprised markets on Wednesday by continuing its monetary tightening policy, raising the benchmark rate by a quarter point to 4.25 per cent, causing the zloty to soar against the euro and the dollar.

Most analysts had expected the interest rate setting Monetary Policy Council to hold firm in May, despite increasing evidence of inflationary pressure in the fast-growing Polish economy. Inflation in March came in at an annual 4.3 per cent, above expectations and far above the central bank’s target of 2.5 per cent.

Marek Belka, the central bank governor, has also made clear that he would like the zloty to appreciate as a way of reducing inflation. The Polish currency stumbled at the beginning of the economic crisis, and still has not regained rates seen in 2008.

Most analysts expect the current rate cycle to peak at 4.5 per cent by the end of the year.

“We think that after the central bank hiked the rates already three times this year and as the government will have to deliver some real consolidation measures for the next year, the room for further hikes will be fairly limited in the second half of the year,” said Jana Krajcova, an analyst with Erste Bank.

The zloty reacted immediately to the rate increase, dropping below 3.90 to the euro for the first time in three months, while also showing gains against the dollar and the Swiss franc.

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Could you please advise which decent Polish banks offer a good savings rate to a Brit if I pop over there to open a savings account and deposit an international bank draft? (That's assuming a Briton depositing money there gets a level of protection if a bank goes bust there.)

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Could you please advise which decent Polish banks offer a good savings rate to a Brit if I pop over there to open a savings account and deposit an international bank draft? (That's assuming a Briton depositing money there gets a level of protection if a bank goes bust there.)

Citi Handlowy Poland

WBK BZ

Millenium

SKOK are not ordinary bank accounts. AFAIK, they're for their members only and not backed up by the central compensation scheme.

there are informative discussions from some British ex-pats living in PL:

link

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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