It is unanimously predicted by all surveyed analysts that the central bank will leave its benchmark interest rate unchanged at 5.75%. A pause until (at least) March is the official guidance from NBP, although currency strength and falling inflation could have potentially forced the bank’s hand.

The statement and press conference are unlikely to bring added interest either, for now. We will likely hear repetition that the current interest rate level is adequate for meeting inflation target.

Because of rising political uncertainties, we see a sideways outlook for the Zloty with negative bias.