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Poland hikes borrowing rate for first time in ten months

PR dla Zagranicy
Peter Gentle 09.05.2012 13:09
Poland’s Monetary Policy Council has raised interest rates, for the first time in 10 months, by a quarter of a percentage point.


The reference rate is now 4.75 percent.

Before the announcement by Poland’s central bank, economists were split on the need for a hike of the borrowing rate.

In a survey by the Polish Press Agency, 14 out of 22 economists thought that the MPC would keep rates unchanged.

Last year, the MPC raised rates four times: in January, April, May and June, in a total hike of one percentage point.

Wednesday's MPC decision means that lombard rate is now 6.25 percent.,the deposit 3.25 percent and rediscount rate 5.00 percent.

The MPC will give justification for its decision on at a press conference at 16.00 CET today. (pg)

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