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Country risk 2011
July 2007
by Lee Oliver and Chloe Hayward
Although most analysts failed to predict it, the decision by the National Bank of Poland’s monetary policy committee to increase its benchmark seven-day intervention rate on June 27 by a quarter point to 4.50% had only a marginal impact in the market. The zloty strengthened, as might have been expected, but there was only an extremely modest sell-off in the bond markets, particularly at the long end. Most activity took place at the short end of the yield curve.
In a statement that accompanied the rate increase, the central bank said: "Data since our last policy...
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