The National Bank of Poland remained on hold, as per market expectations, throwing no surprise bursts at all. According to NBP Governor Glapinski, the current economic deceleration had been anticipated, but improved absorption of transfers from EU Structural Funds should speed the economy up again in the first half of next year.

In response to growth, the NBP Governor also noted that real interest rates would go down in 2017 (and this may help the economy), because inflation will go up, and this, of course, implies stable interest rates.

Regarding the possible chance of a rate cut by the NBP, the Governor stated that no member of the Monetary Policy Council was in favor of such an option anymore. Finally, as concerns the evaluation of the depreciation of the zloty in the wake of the US presidential election, Governor Glapinski only said that this had been part of the story of depreciation of the other emerging market currencies, with the depreciation being good news for Polish exporters.

"Hence, yesterday’s NBP meeting just reinforced our view that the Polish central will not change its policy anytime soon," KBC Central European reported in its latest research report.