Piotr Kalisz News
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Polish inflation slowed to its weakest pace in more than six years as the flagging economy curbed demand, providing scope for further interest-rate cuts even after borrowing costs were trimmed to a record low.
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Polish inflation was probably the slowest in more than five years last month as the flagging economy curbed demand, providing scope for further interest-rate cuts even after borrowing costs were trimmed to a record low.
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Poland’s central bank cut its main interest rate for a fourth month to avert the biggest economic slowdown in more than a decade after consumer spending plunged amid Europe’s debt crisis.
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Floods in southern Poland that have killed at least six people and driven thousands from their homes are blocking roads and cutting power, forcing some of the east European country’s biggest companies to halt production.
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The zloty may weaken if the central bank this week decides to leave the main interest rate at a record low, according to Citigroup Inc.
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Poland’s government approved a draft budget that would cut the budget deficit by a fifth next year, helping to keep public debt below 55 percent of gross domestic product and avoiding mandatory spending cuts.
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The zloty’s steepest weekly decline in 10 may signal the Finance Ministry has temporarily given up attempts to stabilize the currency through the sale of euros it gets from the European Union, Citigroup Inc. said today.
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Polish companies and households’ inflation expectations probably rose “substantially” in May, providing more arguments for policy makers to increase the main interest rate next week.
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Poland’s central bank may raise rates at least once more this year to “fine tune” monetary policy after it cut economic growth forecasts through 2013.
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Poland’s central bank warned that it will increase interest rates if slowing economic growth fails to curb inflation, which has exceeded the target range for 14 months.
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