Polish central bank stuns with 75 bps rate cut, zloty plunges

WARSAW - Poland's central bank cut its main interest rate by 75 basis points to 6 percent on Wednesday, in a shock decision ahead of October elections that sent the zloty currency tumbling against the euro. A narrow majority of analysts polled by Reuters had expected a 25-bps cut, but markets and economists alike were blindsided by the scale of the easing delivered. The zloty plunged 1.5 percent to its weakest level since May and banking stocks dropped over 5 percent. The National Bank of Poland (NBP) said it took the decision because it expects inflation to return to target faster than originally expected. "In the Council's assessment, recently incoming data point to a weaker d...Keep on reading: Polish central bank stuns with 75 bps rate cut, zloty plunges

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