Marek Belka News
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Polish inflation slowed to its weakest pace in seven years as the European Union’s largest eastern economy stalls, adding scope for more interest-rate cuts.
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Polish economic growth matched an 11- year low in the first quarter, boosting the case for further interest-rate reductions by the nation’s central bank.
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The Polish central bank’s unexpected cut in interest rates is prompting investors to anticipate more reductions, brushing aside Governor Marek Belka’s efforts to temper speculation for further easing.
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Yields on Polish government bonds plummeted to record lows and the zloty strengthened after Narodowy Bank Polski unexpectedly cut interest rates.
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Poland’s central bank cut its benchmark interest rate to a record low as the European Union’s largest eastern economy struggles with slowing growth.
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European Central Bank President Mario Draghi’s expected interest-rate cut this week will clear the way for Poland to follow suit, prolonging the best rally in zloty bonds in five years, PineBridge Investments said.
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Polish retail sales grew less than economists estimated in March as unemployment at a six-year high damped consumer spending, adding to arguments for more interest- rate cuts.
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Polish central bankers didn’t vote on interest-rate cuts this month because of “ambiguous” signs of a recovery in the European Union’s largest eastern economy, minutes released today showed.
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The zloty headed for its steepest decline since January after services and factory output shrank for a 15th month in the euro area, Poland’s largest trading partner.
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Investors should shun zloty- denominated debt sold by Polish companies because an undeveloped secondary market hampers liquidity and skews pricing, according to the country’s biggest mutual fund.
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